The Australian share market is largely unchanged as gains by goldminers and the Commonwealth Bank offset broad losses following US President Donald Trump's comments threatening to sack "loser" central bank boss Jerome Powell.
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The benchmark S&P/ASX200 index began Tuesday down almost one per cent but clawed back those losses to finish the day just 2.4 points, or 0.03 per cent, lower at 7,816.7.
The broader All Ordinaries fell 8.2 points, or 0.1 per cent, to 8013.7.
Following an extended break for the Easter long weekend, Australian investors initially took their lead from risk-off sentiment on Wall Street overnight.
All three US equity indexes lurched more than two per cent lower, while bonds and the US dollar also tumbled after Mr Trump ramped up pressure on Federal Reserve Chair Powell to lower interest rates.
The US economy was headed for a slowdown "unless Mr Too Late, a major loser, lowers interest rates NOW", Mr Trump said in a Truth Social post that heightened fears over the central bank's autonomy.
Gold prices surged as investors on a "buyer's strike" of US equities sought a haven, Moomoo Australia market strategist Jessica Amir said.
"Investor sentiment is sour, evidenced in burgeoning cash balances and hoarding of gold," she said.
"That's a good thing for those investors as gold continues to surge to highs."
Australian-listed goldminers soared as bullion hit a record high of $US3,500 an ounce, helping the materials sector post a 0.2 per cent gain.
Goldminers Northern Star (3.0 per cent), Evolution (4.9 per cent) and St Barbara (19.2 per cent) were among the best performers.
The rest of the big cap miners were mixed, with BHP and Rio Tinto up 0.1 per cent, while Fortescue Metals slipped 0.9 per cent.
Of the remaining 10 industrial sectors on the ASX, consumer staples (0.3 per cent) and financials (1.2 per cent) also gained, while the rest turned lower.
The volatile IT sector took the biggest hit, down 2.3 per cent.
CBA shares surged 4.2 per cent as investors sought defensive assets, pushing the world's most expensive bank stock to an all-time high of $168.
Of the other big banks, Westpac rose 0.1 per cent, NAB fell 0.5 per cent and ANZ retreated 0.6 per cent.
Macquarie Group climbed 0.6 per cent to $180.83 after the financial conglomerate announced it would sell off its North American and European public investments business to Japanese investment bank Nomura.
The $2.8 billion deal will see Macquarie's asset management arm relinquish its international equities, fixed income, and multi-asset investments as it concentrates its focus on the Australian market and private assets.
Energy stocks slumped 1.9 per cent after oil fell at the weekend.
Uranium miner Deep Yellow plunged 8.2 per cent after announcing it would delay development of its flagship Tumas project in Namibia due to depressed uranium prices.
"We have a situation where the long-term uranium market is essentially broken," CEO John Borshoff said.
"This is due to more than a decade of sector inactivity, persistently depressed uranium prices, and utility offtake contracting practices which are yet to support the development of greenfields uranium production."
Gas giant Santos dropped 0.7 per cent despite being granted final approval for its $5.8 billion Barossa gas project in the Timor Sea.
The Australian dollar climbed to its highest level against the greenback since December following the US sell-off at the weekend.
IG markets analyst Tony Sycamore said even if Mr Trump halts his public criticism of Mr Powell, he has likely already done enough damage in recent weeks to ensure investors "continue to exit the greenback for calmer waters".
"If Trump's pursuit of Powell continues in the public arena, it will only hasten the exodus of offshore investors from US assets," he said.
One Australian dollar was buying 64.36 US cents, up from 63.41 US cents on Thursday.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Tuesday down 2.4 points, or 0.03 per cent, at 7,816.7.
* The broader All Ordinaries fell 8.2 points, or 0.1 per cent, to 8013.7.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.36 US cents, from 63.41 US cents at Thursday's ASX close
* 90.04 Japanese yen, from 90.47 Japanese yen
* 55.75 Euro cents, from 55.82 Euro cents
* 47.97 British pence, from 47.93 pence
* 106.79 NZ cents, from 107.41 NZ cents.
Australian Associated Press