Aussie shares trim losses, gold bounces on truce hopes
By Adrian Black
Crude prices have eased on reports US mediators are seeking a new ceasefire with Iran. -AAP Image
Australia's share market has pared its early losses to end the session roughly flat, as oil prices eased on hopes diplomacy could end a recent re-escalation of US-Iran fighting.
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The S&P/ASX200 rose two points on Tuesday, up 0.02 per cent, to 8,793.3, as the broader All Ordinaries gained 2.2 points, or 0.02 per cent, to 8,976.9.
The top-200 dropped more than 58 points in early trade, as oil prices clung to recent gains and strikes between Iran and the US continued.
However, crude eased in the afternoon and gold prices bounced on reports Iranian officials received a ceasefire proposal from US mediators, which could open the door to a permanent peace agreement.
The Australian dollar is buying 70.09 US cents, up from 69.90 US cents on Monday at 5pm AEST.
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