Australia shares fell on Friday, amid a global sell-off after geopolitical tensions flared between the United States and Russia over Ukraine, with technology stocks leading the losses.
The S&P/ASX 200 index was down 0.9% at 7,224.30 points, as of 0016 GMT, but was set for a third straight weekly gain. The benchmark closed 0.2% higher on Thursday.
Shelling in Ukraine on Thursday renewed fears of an imminent Russian invasion as US President Joe Biden said there was every indication Moscow planned to attack Ukraine, while Russia accused Washington of stoking tensions.
Developments in Ukraine have also added to uncertainty about the path of the US Federal Reserve's tightening plans to fight inflation.
Gold rally drives Australia shares higher
Australia's QBE Insurance was the top loser on the benchmark with a nearly 11% plunge after its full-year profit missed estimates.
Technology stocks hit their lowest levels since late January, tracking losses in their growth-oriented US peers. Shares of Computershare fell 1.6%.
Miners slipped up to 1.2% after China's benchmark iron ore futures extended losses for a fourth straight session as investors fretted over government interventions on the market.
Index heavyweights BHP Group and Rio Tinto fell 1.6% and 2.4%, respectively.
Financials slumped as much as 1.2%, with the 'Big Four' Australian banks shedding between 0.8% and 1.2%.
On the upside, gold prices rose above $1,900 for the first time since June as investors flocked towards safe-haven bullion amid the Ukraine crisis, pushing the Australian gold index 4.3% higher. Shares of Newcrest Mining surged 4.4%.
Bullion is considered a hedge against soaring inflation and often used as a safe store of value during times of political and financial uncertainty.
In New Zealand, the benchmark was down 1% at 12,134.79 points.
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