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ASX Preview: Australian Shares to Fall as Oil Slumps on Iran Ceasefire Hopes; Bellevue Gold Reports Higher Gold Production, Sales in June Quarter

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Australian shares are poised to fall on Tuesday after oil prices slumped to their lowest levels in more than a week, as the US paused air strikes against Iran, easing fears of prolonged supply disruptions and raising hopes for a diplomatic deal.

Gold edged higher as investors weighed softer inflation risks ahead of the Federal Reserve's interest rate decision this week.

Overnight, the S&P 500 and the Dow Jones Industrial Average rose 0.02% and 0.5%, respectively, while the Nasdaq Composite fell 0.2%.

In the macroeconomy, the ANZ-Roy Morgan Australian consumer confidence fell 4.4 points to 71.2 in the week of July 20 to July 26, ANZ reported Tuesday.

In corporate news, Bellevue Gold (ASX:BGL) produced 41,643 ounces of gold at an all-in sustaining cost of AU$2,604 per ounce and sold 40,671 ounces of gold at an average realized price of AU$4,180 per ounce during the June quarter.

Genesis Minerals (ASX:GMD) produced 70,766 ounces of gold at an all-in sustaining cost of AU$2,797 per ounce and sold 77,797 ounces of gold at an average realized price of AU$6,175 per ounce during the June quarter.

Australia's benchmark index rose 1.4% or 121.7 points to close at 8,894 on Monday.

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