The benchmark S&P/ASX 200 index finished 36.6 points lower at 4809, while the broader All Ordinaries index dipped 34.5 points to 4901.1.

On Wall Street, stocks dipped for a second consecutive session as the violence metered out by supporters of Libyan leader Moammar Gadhafi to anti-government demonstrators intensified.

As a result, the Dow Jones Industrial Average slid 107.01 points, or 0.9%, to 12,105.78, the S&P 500 index fell 8 points, 0.6%, to 1307.4 and the NASDAQ closed 33.43 points, or 1.2%, lower at 2722.99.

The gold price is continuing its record run, staying above $US1400 an ounce for the third day straight as its safe-haven allure grows on the back of the violence in Libya.

At 4.36pm AEDT, spot gold was trading at $1411.31/oz after earlier hitting a high of $1415.72/oz.

All eyes remain on the price of oil which surged to its highest point since October 2008, nudging $99 a barrel.

The jump in oil prices and resultant concerns this will derail the recovery in global economies saw LME copper fall overnight to $9425 per tonne, down 1.6%, after earlier reaching a one-month low of $9365/t.

However, copper rebounded by as much as 1.3% to $9543/t in today’s trade with analysts saying that despite the dip in market sentiment from the unrest, the red metal is still supported by supply shortages.

On to the major miners and BHP Billiton fell A58c to $45.99 while rival Rio Tinto shed 71c to $84.25.

Rio has received a three-month extension to the exploration tenure over its Simandou iron ore project as it continues discussions with the Guinean government on changes to the country’s mining code and mining concession application.

Atlas Iron was one of the few companies on the Final Call watchlist to gain ground in today’s session, closing 11c higher at $3.84.

The Pilbara iron ore miner today delivered a maiden half-year profit of $30.1 million and expects to deliver even stronger results over the next six months as it ramps up production and reduces costs.

Gross profit from operations reached $69.7 million with sales revenue of $201.8 million.

In other mining news, first ore from the Nullagine iron ore joint venture in the Pilbara will soon be shipped from Port Hedland for owners BC Iron and Fortescue Metals Group.

The vessel is due to sail on the weekend.

Shares in FMG closed 8c lower at $6.46, while BC Iron gained 5c to $3.06.