Australian shares closed higher on Friday, capping off a volatile week as Donald Trump’s erratic trade policy continues to cloud the economic outlook.

The S&P/ASX 200 lifted 0.2 per cent, or by 13 points, to $7982 at the market close. That helped it to notch a 0.6 per cent gain over the week, marking the first time this year the bourse has posted two consecutive weeks of gains. The All Ordinaries edged up 0.1 per cent. Seven of 11 sectors were higher.

The index dipped between gains and losses as investors retreated from the sharemarket, braced for the US’ sweeping reciprocal tariffs expected on April 2 and any fallout for inflation and growth. Expectations that the US Core PCE Price Index – the Federal Reserve’s preferred measure of inflation – stayed stagnant in February did little to buoy sentiment. That data is expected late on Friday.

Technology stocks tracked a sell-off on Wall Street. WiseTech dropped 4.3 per cent to $80.05 and accounting software provider Xero 2.1 per cent to $155.86. Goodman Group, which is forking out $10 billion for a data centre development, dropped 3.5 per cent to $29.29 – its lowest level since February 2023. Utilities and consumer staples – typically considered defensive sectors – rose, with supermarket giants Coles and Woolworths adding more than 1 per cent.

Gold miners were a bright spot after prices notched a fresh record overnight. The gold spot price reset a record, hitting $US3077.59 an ounce. Ramelius Resources was the index’s biggest gainer, jumping 6.9 per cent to $2.47. De Grey Mining advanced 4.3 per cent to $2.17.

Glass bottles and cans maker Orora posted the largest loss, dropping 8.4 per cent to $1.80, after France’s competition regulator said it was probing Saverglass as part of an investigation into alleged anticompetitive practices.

Stocks on the move

In corporate news, All Ordinaries stock Strickland Metals′ shares leapt 25 per cent to 10¢ after the gold explorer announced a fifth rig had started drilling at its Serbian site showing signs of mineral deposits.

Paladin Energy slumped 4.1 to $5.42 per cent, extending this week’s loss after the company retracted its 2025 production guidance because of unseasonably heavy rainfall at its Namibian mine. That was despite Macquarie upgrading the uranium play to “outperform”.

Corporate Travel Management dropped 3 per cent to $14.52 after the chief executive of Australia and New Zealand, Greg McCarthy, stepped down following a seven-year stint.

Incitec Pivot slid 1.5 per cent to $2.64 after weather events delayed sales and output across its fertiliser and explosives businesses, though it expects to recoup losses in the second half.