Australian stocks have opened weaker, with the big miners leading the broader market lower after commodities prices, particularly gold, were hit hard in offshore trading.

The price of gold reached the lowest level since 2011 on Friday night (AEST), while contract prices for oil and copper also took a tumble.

As a result, gold miners were the worst-performing sector at the open.

Kingsgate Consolidated had slid 12.03 per cent, or 42 cents, to $3.07, Newcrest Mining was off 6.25 per cent, or $1.22, at $18.31 and OceaniaGold was down 5.53 per cent, or 13 cents, at $2.22.

Burrell Stockbroking adviser Jamie Elgar said the recent rally on stock markets – Wall Street posted record highs last week – had dampened demand for gold.

“I think gold started to come off over the last couple of months as people started becoming more confident in equities,” Mr Elgar said. “Particularly as the economic data out of China and the US was looking pretty good.”

Australia’s big two miners were also deep in negative territory – BHP had declined 83 cents, or 2.49 per cent, to $32.52, while Rio had backpedalled $1.38, or 2.43 per cent, to $55.52.

Making news on Monday, shareholder services provider Computershare has paid $US10 million ($A9.57 million) to buy a quarter stake in a US-based company.

Computershare was down 12 cents at $10.01.

Mr Elgar said he expected the market to trade at current levels for the rest of Monday’s session, with direction likely to come from Asian trading in the absence of local factors.

KEY FACTS

* At 1033 AEST on Monday, the benchmark S&P/ASX200 index was down 40.7 points, or 0.81 per cent, at 4,972.8 points.

* The broader All Ordinaries index was down 41.4 points, or 0.83 per cent, at 4,974.6 points.

* The June share price index futures contract was down 47 points at 4,969 points, with 8,254 contracts traded.

* National turnover was 283.4 million securities worth $560.9 million.