The S&P/ASX 200 slipped 0.1%, or 5 points, lower to close at 5147 points.

The performance reflected ongoing concerns over volatile commodity prices amid US policy uncertainty that failed to respond to a Wall Street bounce related to the popular nomination of Janet Yellen as Federal Reserve chairman.

Subdued trading also continued despite encouraging data from the Australian Bureau of Statistics marking a 5.6% decrease in the unemployment rate in September.

The report led analysts to predict a lower chance of another interest rate cut by the Reserve Bank of Australia.

“It’s back to the drawing board for the ‘doom and gloom’ school,” Commonwealth Bank of Australia economist Craig James told Bloomberg.

“The chances of another rate cut this cycle continue to recede. The main hope of another rate cut lies with an exceptionally strong Aussie dollar.”

The Australian dollar was last trading at US94.03c.

Basic materials was one of the worst performing sectors on the ASX, down 0.6% on the session as miners turned in a mostly negative performance.

The majors set the tone with BHP Billiton losing 0.6% to $A34.62 and Rio Tinto down a marginal 0.02% to $60.21.

Gold companies were mostly lower as the precious metal failed to leverage an improved safe-haven profile and reclaim the $US1340 per ounce value it held before the US government shutdown.

It fell 1% overnight to about $1306/oz and was last trading at about $1302/oz.

St Barbara was a standout loser in the gold space with a 9.1% fall to A45c while sector giant Newcrest Mining returned to the red, down 2.6% at $10.65.

Likewise, International Goldfields, Mutiny Gold and Aphrodite Gold all posted double-digit losses on the session.

Uranium explorer Summit Resources was conspicuous with a 23.4% plummet to 85c.