[SYDNEY] Australian shares scaled record closing levels on Wednesday, buoyed by gains in gold stocks as doubts emerged about the impact of a preliminary Sino-US trade pact after a top US official said China tariffs would remain in place for now.

The S&P/ASX 200 index rose 0.5 per cent to 6,994.80 at the close of trade. The benchmark ended 0.9 per cent higher on Tuesday.

On Tuesday, US Treasury Secretary Steven Mnuchin said tariffs on Chinese goods would be maintained until the completion of a second phase trade agreement, cementing worries that major differences are likely to remain between the two economic power houses.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index rose 0.4 per cent to 11,676.67.

REUTERS