The benchmark S&P/ASX200 index finished on Tuesday up 1.2 points at 8,484.0, while the broader All Ordinaries climbed four points, or 0.05 per cent, to 8,751.6.
Capital.com analyst Kyle Rodda said that trade war angst and soft earnings saw the ASX200 give up an early gain to close about flat.
While the economic impact of President Donald Trump's tariffs on steel and aluminium imports into the US is expected to be modest domestically, the market was reacting to fears of further tariffs to come and the possibility that the global economy was spiralling towards and all out trade war, Mr Rodda said.
Amid the uncertainty, gold - the classic safe haven asset - breached $US2,900 an ounce for the first time ever, trading late on Tuesday afternoon at $US2,921, up from around $US2,860 last week.
The People's Bank of China has also been buying gold to diversify its holdings away from US dollars, and London traders have been diverting some of their bullion to New York amid fears of future US gold tariffs.
Also on Tuesday, the Westpac-Melbourne Institute consumer confidence survey found sentiment is basically unchanged this month, with a very small 0.1 per cent gain.
Westpac economist Matthew Hassan said consumers' mood had improved over the second half of 2024, but that recovery had stalled in the past three months amid continued pressure on family finances and a more unsettled global backdrop.
"Latest reads show a 'cautiously pessimistic' consumer mood," he said.
Eight of the ASX's 11 sectors were higher and just three were lower. But health care was a major drag, falling 2.9 per cent as CSL retreated 5.0 per cent to more than one-year low of $256.96 its earnings result.
"CSL's 1H25 result missed market expectations at the revenue, EBIT and NPATA lines," said RBC Capital Markets' Craig Wong-Pan, using acronyms to refer to earnings and profit.
CSL CEO and managing director Dr Paul McKenzie said it was a "solid result," while noting that a drop in influenza immunisation rates, particularly in the US had hurt sales of its flu vaccines.
In the heavyweight mining sector, Northern Star rose 4.0 per cent to an all-time high of $18.54, while Evolution grew 4.9 per cent to a two-year high of $6.22 and Newmont added 3.2 per cent to a three-month high of $73.99
Elsewhere in the sector, BHP was basically flat at $40.12 while Fortescue fell 1.5 per cent to $19.12 and Rio Tinto rose 0.3 per cent to $119.71.
The big four banks were mixed, with Westpac up 0.7 per cent to $34.26 and ANZ adding 0.3 per cent to $31.01, while NAB dipped 0.3 per cent to $40.43 and CBA dipped 0.4 per cent to $162.16.
Nine Entertainment soared 14 per cent to a six-month high of $1.465 after Capital Brief reported that media billionaire Bruce Gordon was looking to strengthen his grip on the company.
The Australian dollar was buying 62.74 US cents, from 62.73 US cents at 5pm on Monday.
ON THE ASX:
* The benchmark S&P/ASX200 index on Tuesday rose 1.2 points to 8,484.0
* The broader All Ordinaries gained four points to 8,751.6
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 62.75 US cents, from 62.74 US cents at 5pm AEDT on Monday
* 95.33 Japanese yen, from 95.32 yen
* 60.90 euro cents, from 60.82 euro cents
* 50.77 British pence, from 50.59 pence
* 111.16 NZ cents, from 110.86 NZ centsÂ
