Australian shares snapped a three-day day losing streak on Friday as miners and energy stocks gained on firmer commodity prices, while a plunge in buy-now, pay-later (BNPL) companies following a US review capped gains.

The S&P/ASX 200 index settled up 0.1% at 7,304 points, despite a strong start to the session. The benchmark lost 0.7% for the week, marking its biggest loss in three weeks.

Gold stocks led gains on the benchmark, closing 4% higher, their best intraday session since November 2020.

Alkane Resources advanced the most on the sub-index, up 23.1%, while sector major Newcrest Mining rose 3.7%.

Miners extended gains into the fourth straight week, firming 2.7% as iron ore prices remained strong. The sub-index marked its best week in five.

The country's mining giants BHP Group and Fortescue Metals gained 1.8% and 1% respectively, during the session.

Brad Smoling, managing director of Smoling Stockbroking, said that a rally in commodity stocks helped the benchmark to stay in the positive territory for the session.

Aussie energy firms rose 1% on earlier gains in oil prices. Whitehaven Coal was the top gainer, closing up 5%.

Souring the sentiment was the tech index, plunging 3.9%, as buy-now-pay-later player Afterpay Ltd tumbled about 9.2%.

Rival Zip Co tanked as much as 9%, its lowest since May 2020%, after a US agency asked five "buy-now, pay-later" companies for information on their business practices.

Meanwhile, Australian authorities rushed to track down hundreds who attended a Taylor Swift album party as cases in the country hit a new pandemic high for the second straight day.

New Zealand's benchmark S&P/NZX 50 index ended 1% lower for the week, its worst week in four. The index was down 0.5% at 12,717.9 points.