SYDNEY/WELLINGTON: Australian shares dipped on Monday, with gold stocks leading losses, as a record rise in coronavirus cases in the United States and parts of Europe made investors nervous about a global economic recovery.
The S&P/ASX 200 index slipped 0.2% to close at 6,159.20. The benchmark fell 0.1% on Friday.
Gold stocks finished 1.1% lower, as bullion prices fell due to a stronger dollar. Chalice Gold Mines and West African Resources each lost about 5%.
A gainer was the energy index, which finished 0.2% higher, with Santos climbing 0.4% and Oil Search gaining 0.7%.
New Zealand's benchmark S&P/NZX 50 index finished up 0.5% at 12,470.34.
The United States saw its highest ever number of new Covid-19 cases on Friday and Saturday, with a Reuters tally showing hospitalizations are also rising and have hit a two-month high and deaths are trending upwards.
France registered a record rise in coronavirus infections on Sunday as a second wave of cases surges through Europe.
"The outlook is not great in terms of US & European Covid-19 cases... it could lead to more restrictions that could restrict economic activity and hamper the recovery," said James Tao, market analyst at CommSec.
Sentiment was also weighed by uncertainty over the timeline of the US coronavirus relief package, which swung global indexes all through last week, with House Speaker Nancy Pelosi and President Donald Trump stuck in a deadlock over negotiations.
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