Australian shares declined slightly at close on Wednesday, as gold prices continued to decline after reaching a fresh record high earlier.

The S&P/ASX 200 fell 0.7% or 64.70 points to close at 9,030.

Gold fell past 6%, while silver dropped nearly 9% on Tuesday. Gold prices have risen about 56% in 2025, Reuters reported.

US President Donald Trump said he expected to reach a trade deal with Chinese President Xi Jinping when the two world leaders meet in South Korea next week.

In company news, Woodside Energy Group (ASX:WDS), which closed up over 3%, said its revenue fell to $3.36 billion in the third quarter from $3.71 billion in the same quarter a year ago. Total production for the quarter ended Sept. 30 fell year on year to 50.8 million barrels of oil equivalent (MMBoe) from 53.1 MMBoe. The company raised its 2025 production guidance to 192 to 197 MMboe from its previous forecast of 188 to 195 MMboe. Shares of the company rose past 3% in recent Wednesday trade.

Meanwhile, Cettire (ASX:CTT) reported sales revenue of AU$150.4 million in the fiscal first quarter, down 3% from AU$155 million a year earlier. The company also posted gross revenue of AU$196.7 million in the three months ended Sept. 30, 1% lower than AU$198.1 million compared with the previous corresponding period. Its shares fell past 1% on market close.

Lastly, Adairs (ASX:ADH) said it now expects fiscal first-half group sales of AU$319.5 million to AU$331.5 million, down from its previous guidance of AU$324.5 million to AU$336.5 million and up from the actual result of AU$310.5 million a year earlier. It said sales growth eased due to reduced promotional activity, contributing to lower-than-expected margins. Its shares were up over 7% on market close.