The S&P/ASX 200 index fell 0.5% to 5428 points in a lacklustre session that coincided with the release of flat unemployment data from the Australian Bureau of Statistics, tracking a 5.8% joblessness rate.
Basic materials was the worst performing sector, down 1.1% on the day, as BHP Billiton declined 0.6% to $A35.71 and Rio Tinto closed 1.1% down at $58.72.
Gold companies bucked the trend with a quietly resilient performance even as the yellow metal lost 0.3% in value to $US1260 per ounce.
Standouts in the sector included Dragon Mining (up 18.2% to A13c), Excalibur Mining (up 44.4% to 1.3c) and Emmerson Resources, which jumped 38.8% to 1.7c on a deal with Evolution Mining that would see accelerated development of the Tennant Creek gold project in the Northern Territory.
Market watchers, however, suggested the precious metal’s recent hold at relative buoyancy could give way to the usual macro value drivers.
“While gold has seen a bit of bounce, the outlook for prices remains negative as US economic data continues to improve, supporting strength in the stock markets and [Federal Reserve] tapering,” Wing Fung Financial Group analyst Sarah Xie told Bloomberg.
Elsewhere around the industry, Latin Resources gained 38.2% to A4.7c with high-grade copper hits at its Ilo Norte project in Peru, while Sovereign Metals rose 15.9% to 36.5c on encouraging graphite testwork.
Diversified explorer TNG also marked a 10% improvement to 16.5c after signing a Korean offtake deal for vanadium at its Mount Peake project in the NT.
Tasman Resources was also a positive standout with a 42.3% lift to 3.7c, prompting an ASX query and reference by the company to recent updates at its Parkinson Dam gold-silver project in South Australia.
