FX.co ★ Australian Shares Open Lower

In Friday morning trading, the S&P/ASX 200 index dipped by 0.2% to approximately 8,955, effectively erasing the prior session's gains. This downturn can be attributed primarily to declines in gold and energy stocks, influenced by a decrease in commodity prices. Gold mining companies experienced a significant setback, with the sector dropping 3.2%—marking the worst session since July 9 and setting the stage for its steepest weekly decline in nearly a month due to a retreat in bullion prices. Key players in the sector, such as Genesis Minerals, saw a 4% decline, while Northern Star Resources and Evolution Mining fell by 3.5% and 2.9%, respectively. In the energy sector, Woodside Energy decreased by 1.9%, and Santos saw a 0.6% decline as oil prices softened. Major mining firms also experienced declines, with industry leaders BHP and Rio Tinto falling by 1.5% and 1.3%, respectively, as investors opted to realize profits after the sector reached a record closing high. Looking forward, the market is bracing for a wave of corporate earnings announcements expected later this month. For the week, the ASX appears to be on track to end lower following last week's robust rally.