Australia's sharemarket has slipped lower despite a fresh record for gold after US President Donald Trump threatened to impose tariffs on European nations over their support for Greenland.
The S&P/ASX200 fell 29.2 points on Monday, down 0.33 per cent, to 8,874.7, as the broader All Ordinaries lost 31.6 points, or 0.34 per cent, to 9,195.1.
The dip was relatively minor compared to what futures indicated for US and European markets, but reignited global trade tensions will have knock-on effects for global equities and could weaken confidence in US trade deals struck in 2025.
Gold in favour
Safe-haven buying helped drive gold to a new peak of $US4,690.80 ($A7,009.30) an ounce, buoying ASX-listed miners.
Soaring gold stocks helped lift the raw materials sector 0.4 per cent, one of only three segments to end the session higher, with energy stocks up 0.2 per cent and utilities gaining 1 per cent, tracking with strength in APA, Origin and AGL.
The Australian dollar is buying 66.92 US cents, down from 67.02 US cents on Friday at 5pm.
Looking ahead, the statistics bureau will release Australian labour force data on Thursday. However, it is unlikely to garner as much attention as the December quarter inflation report the following week, which will set the tone for the Reserve Bank's road ahead on interest rates.
