S&P/ASX 200 closes down as Gold stocks lead sell-off in Australian shares ahead of central bank meeting on interest rate; check top gainers, losers and top performing sectors

Australian Sharemarket News: The new week started on a low for Australian shares, which clocked their steepest losses in two months on Monday (February 2, 2026). Shares were weighed down by precious and base metal miners, as investors turned cautious ahead of an expected rate hike by the central bank this week.

The S&P/ASX 200 index ended lower, dropping 90.50 points, or 1.02%, at 8,778.60 points, its lowest closing level since January 12. According to Reuters, the benchmark gained 1.8% last month, its best since August 2025.

The bottom-performing stocks in this index were GRAINCORP LIMITED and NEWMONT CORPORATION, down 14.03% and 10.00%, respectively, according to the ASX website. The index has lost 0.92% for the last five days but is virtually unchanged over the last year to date.

Gold miners down, ‍worst day since late October

Gold miners tumbled as much as 8.9% on Monday, their worst day in more than three months, according to Reuters. Heavyweights Northern Star Resources and Evolution Mining shed 8% and 5%, respectively.

Gold prices extended their route following increases in CME precious metals margin requirements, with investors assessing the implications for monetary policy under Kevin Warsh, President Trump's pick ‌to head ‍the Federal Reserve, Reuters reported.

Meanwhile, the Reserve Bank of Australia is expected to hike its benchmark interest rate by a quarter-point on Tuesday, a Reuters poll showed, after December inflation came in hotter than expected.

ASX 200: Top gainers and losers

On the S&P/ASX 200, Nine Entertainment Co. Holdings Limited (NEC) emerged as the top gainer, with its shares last trading at $1.220, up $0.075, representing a gain of 6.550%. DroneShield Limited (DRO) also recorded solid gains, rising $0.130, or 3.915%, to $3.450. Whitehaven Coal Limited (WHC) advanced $0.290, or 3.284%, to close at $9.120, while New Hope Corporation Limited (NHC) climbed $0.120, or 2.660%, to $4.630. Rounding out the top five gainers, Zip Co Limited (ZIP) added $0.070, or 2.641%, to trade at $2.720.

On the downside, GrainCorp Limited (GNC) led the declines, with its shares falling $1.010, or 14.028%, to $6.190. Newmont Corporation (NEM) slipped $17.320, representing a decline of 9.996%, to $155.960. Emerald Resources NL (EMR) also moved lower, shedding $0.690, or 9.262%, to $6.760. Ora Banda Mining Ltd (OBM) dropped $0.115, or 8.985%, to $1.165, while Bellevue Gold Limited (BGL) declined $0.155, or 8.223%, to finish at $1.730.

Top-performing sectors

Sectors ended mixed. Eight of 11 sectors were lower along with the S&P/ASX 200 Index, according to the ASX website. Telecommunications Services was the best-performing sector, gaining +0.50% and +0.69% for the past five days.

Among sectors, healthcare and energy stocks slid as much as 2%, while real estate shares inched 0.4% lower. Financials ended slightly higher.