Gold price breaks ceiling as Australian shares fade

The broader All Ordinaries faded 13.5 points, or 0.15 per cent, to 9,240.1.

Spot gold topped $US4,000 an ounce for the first time, trading as high as $US4,027 ($A6,135) just before the ASX close.

Most local sectors wound up in in the red, yet materials, health care and utilities bucked the trend to finish in positive territory while financials traded roughly flat.

The Australian dollar is buying 65.63 US cents, down from 66.02 US cents on Tuesday at 5pm.