SYDNEY: Australian shares settled higher on Monday, helped by a record rally in gold stocks and reassurances of further support from a senior central bank official to ease the economic pain caused by the coronavirus pandemic.

The S&P/ASX 200 index rose 0.34% to 6,044.2, with gold stocks adding more than 4% to hit a record peak as an escalating diplomatic row between the United States and China hammered the US dollar and sent the safe-haven gold to record highs.

Among gainers, Newcrest Mining, the country's largest listed independent gold miner, soared 5% to a near 10-month peak, while Emerald Resources jumped 9.5%.

The mining index climbed 1.8%, with BHP Group gaining 0.9%.

Tech stocks also rose, with REA Group adding nearly 3% and NEXTDC advancing 2.2%.

Energy stocks slipped as oil prices fell, with Woodside Petroleum and Santos shedding 0.8% and 1%, respectively.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.4%, dragged by financials.

New Zealand-listed shares of Westpac Banking Corp ended 1.2% lower.