The benchmark S&P/ASX200 fell 24.6 points on Tuesday, down 0.27 per cent to 8,956.8, as the broader All Ordinaries lost 26.4 points, or 0.28 per cent, to 9,253.6.
"You've got markets hesitant around that 9000-point level for the ASX 200 and at the same time we're pretty close to a record high," CommSec market analyst Steven Daghlian told AAP.
"So it's understandable that markets are a little jittery perhaps and not a huge amount of economic data in Australia either to move the needle."
The raw materials sector was the only winner of 11 segments, eking a less than 0.1 per cent gain with help from a handful of miners.
Rio Tinto was the best of the large caps, up 0.5 per cent to $124.18 after announcing an extension to its West Angelas iron ore mine in WA.
South32 was another success story, rising more than four per cent after an upgrade from US investment bank Jefferies.
While broader equities struggled to catch a bid, investors' appetite for the safe haven of gold showed no sign of slowing, hovering just below an all-time high of $US3,977 ($A6,015) an ounce.
ASX-listed gold miners were mixed after a strong performance on Monday, but looking at the bigger picture the sub-sector has doubled in value in 2025 to $154 billion.
Gold and copper producer Greatland Resources was the top 200's best performer, up almost 10 per cent on Tuesday, just months after debuting on the bourse.
The heavyweight financials sector was unimpressive, lumbering to a 0.1 per cent loss by the close.
The big four banks were a mixed bag with Westpac flat, ANZ gaining 0.5 per cent and NAB and CBA shedding about 0.3 per cent each, as CBA's NZ subsidiary ASB settled a class action for $A119.7 million over its loan products.
Consumer discretionary stocks took the day's wooden spoon, tumbling 1.2 per cent and tracking with losses in segment leaders Wesfarmers, Aristocrat Leisure, JB Hi-Fi and the Lottery Corporation.
Telecommunications plays were also heavy, sliding 1.1 per cent, led by dips in REA Group (-2.1 per cent), Carsales.com.au owner Car Group (-3.8 per cent) and Seek (-1.4 per cent).
Cryptocurrency Bitcoin hit an all-time high overnight, helped by US interest rate cut hopes, expanding global money supply and continued institutional inflows, eToro market analyst Josh Gilbert said.
"For bitcoin, the break to new records comes after continued institutional accumulation, with over $US3.2 billion ($A4.8 billion) flowing through bitcoin ETFs in the last week," Mr Gilbert said.
Brisbane Broncos fever eased on Tuesday, the organisation's shares tumbling 16 per cent after investors bucked the stock after the dust settled on Monday's 27 per cent boost.
In other news, bourse operator ASX tumbled 1.3 per cent to $58.06 after the financial regulator approved Cboe to list companies on its platform.
The Australian dollar is buying 66.02 US cents, down slightly from 66.05 US cents on Friday at 5pm.
Looking ahead, markets in China will be closed for one more day as public holidays continue and New Zealand's central bank is tipped to cut its official cash rate by 25 basis points to 2.75 per cent on Wednesday.
ON THE ASX:
* The S&P/ASX200 fell 24.6 points, or 0.27 per cent, to 8,956.8
* The broader All Ordinaries lost 26.4 points, or 0.28 per cent, to 9,253.6
CURRENCY SNAPSHOT:
One Australian dollar trades for:
* 66.02 US cents, from 66.05 US cents on Monday
* 99.36 Japanese yen, from 99.24 Japanese yen
* 56.47 euro cents, from 56.38 euro cents
* 49.05 British pence, from 49.12 British pence
* 113.42 NZ cents, from 113.25 NZ cents
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