Australia's sharemarket has been dragged lower as an exodus from precious metals dragged on heavyweight raw materials stocks.
The S&P/ASX200 fell 90.5 points on Monday, down 1.02 per cent, to 8,778.6, as the broader All Ordinaries lost 96 points, or 10.5 per cent, to 9,068.8.
A recently red-hot materials sector has handed back more than half its 2026 gains in the previous two sessions, after gravity-defying gold and silver stocks sold off heading into the weekend.
The segment has fallen more than six per cent since Thursday, but a pullback was unsurprising after a more than 50 per cent rally since July.
The Australian dollar is buying 69.39 US cents, down from 70.01 US cents on Friday, with the greenback reclaiming some lost ground after US President Donald Trump tapped a more hawkish central banker than expected to chair the Federal Reserve.
