Australian shares fell on Friday after three straight sessions of gains, tracking weakness in global markets, while investors awaited a key rate decision from the Reserve Bank of Australia (RBA) due next week.

The S&P/ASX 200 index fell 1% to 7,378.30 by 0040 GMT, dragged down by miners and banking stocks.

The benchmark, however, has advanced 1% so far this week and is on track to record its third consecutive weekly gain.

Asian stocks were off five-month highs with speculation that the Japanese central bank could take another small step towards dismantling its super-easy stimulus policies.

The Australian central bank is scheduled to announce its rate decision on Aug. 1, with investors now pricing in a 27.7% chance of a quarter-point rate hike to 4.35%.

The RBA kept its cash rate at 4.10% after its July meeting, having lifted rates by 400 basis points since May last year.

Financials fell 1.1%, with all of the so-called “big four” banks trading in negative territory.

Miners fell 1.5% on weak iron ore prices. Heavyweights BHP Group, Rio Tinto and Fortescue Metals Group slipped between 0.1% and 2.1%.

Gold stocks fell as much as 4.9% in their biggest intraday drop since Nov. 3, 2022 and were the top percentage losers on the benchmark index, after bullion prices hit a two-week low overnight.

The sub-index has shed 3.1% so far this week and is on track for a second consecutive week of losses.

Australian shares rise to 5-month high on tech, financials boost

Newcrest Mining and Northern Star Resources fell 3.2% and 4%, respectively, on Friday.

Tech stocks tracked their Wall Street peers lower and were last down 1%.

However, they have gained about 2% so far this week. ASX-listed shares of Block fell 2%, while WiseTech Global slipped 0.7%.

New Zealand’s benchmark S&P/NZX 50 index fell 0.2% to 11,926.31.