AAP

Gold prices dipped overnight as investors holding short positions took profits after nine straight sessions of gains, although the outlook remained bullish with prices hovering near a record peak.

The Australian share market has broken its two-day losing streak, with the gains making up for Tuesday's and Wednesday's losses.

Oil prices rose overnight after a steep drop in US crude inventories, but another record day for coronavirus cases worldwide kept gains in check.

The Morrison government is considering providing paid pandemic leave to workers in a bid to curb deadly coronavirus outbreaks.

Rio Tinto's first-half profit fell four per cent, as coronavirus-driven disruptions spurred a drop in copper shipments and overshadowed the impact of higher iron ore prices.

Industrial services provider Downer has been awarded $324 million in contracts with the likes of BHP, Santos and Wesfarmers across the electricity, oil, gas and industrial sectors.

Gold gained overnight as US Federal Reserve policymakers began a meeting that is expected to provide more monetary stimulus to support the coronavirus-hit American economy, though bullion pulled back from an all-time high reached earlier.

The Australian share market has given up its early gains to close lower, despite gold prices surging to a fresh all-time high.

Refund point operators and processors taking part in Western Australia's container deposit scheme will receive more than $830,000 to help with financial hardship caused by COVID-19.