Market Wrap / Tuesday turbulence

Early gains on the local market were short lived, as US futures turned negative amid renewed tension in the Middle East.

The S&P / ASX 200 closed up 0.08% to 7860.40 points after rising close to 1% in the morning session.The gold price touched a fresh record high amid news Israel launched a heavy strike against Hamas, propelling gold stocks. Newmont rose 2.5%.

The iron ore players hindered gains amid subdued China prospects and a lower price of the physical commodity. BHP closed down 0.1% while Fortescue lost 1.7%. 

Coal miner New Hope rose 8.9% after reporting higher first-half earnings, higher profits, and an increased dividend.  

In the financial sector, CBA fell 0.3% while NAB fell a further 2% amid news its CFO was leaving the lender.

Shares in CSL, which are hovering near a five-year low, rose 0.08% amid bargain hunting.

Ahead tomorrow, the Bank of Japan hands down its interest rate decision, and the Federal Reserve kickstarts its two day policy meeting.