Gold and energy stocks push Australian shares lower

Feb 7 (Reuters) - Australian shares inched lower on Friday, dragged down by energy and gold stocks, although losses were limited due to fading worries of an escalating global trade war.

The S&P/ASX 200 index .AXJO fell 0.2% to 8,507.8, as of 2336 GMT.

For the week, the benchmark has shed 0.3% so far and was set to end lower after gaining for four consecutive weeks.

Fears of an escalating global trade war are easing among investors now, after the week saw U.S. President Donald Trump's tariff approach and had Australia's top trading partner China's relatively restrained response to the U.S.' 10% tariffs.

Back in Sydney, energy stocks .AXEJ dropped as much as 1.4% as Trump's repeated pledge to boost U.S. oil production left oil prices to settle lower. O/R

Gold stocks .AXGD shed as much as 0.8% after bullion prices slipped from their record high rally. GOL/

For the week, however, the sub-index has gained 3.7%, set for its seventh week of consecutive gains.

Gold miners Northern Star Resources NST.AX and Evolution Mining EVN.AX were down 0.4% and 0.7%, respectively.

Financial stocks .AXFJ fell as much as 0.6%, with the "Big Four" banks losing between 0.4% and 0.9%.

Healthcare .AXHJ and consumer discretionary stocks .AXDJ lost as much as 0.9% and 0.4%, respectively.

Bucking the trend, miners .AXMM rose as much as 0.6%, extending gains for a fourth straight session, as iron ore prices recovered. IRONORE/

For the week, the sub-index jumped 2.3% and eyed a second weekly gain in a row.

Mining giants BHP Group BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX gained between 0.1% and 1.7%.

Overnight, the U.S. Dow Jones Industrial Average .DJI fell 0.28%, while the S&P 500 .SPX gained 0.36% and Nasdaq .IXIC gained 0.51%. .N

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 was flat at 12,837.48. For the week, it fell 1.2% and was set to clock a third straight weekly loss.

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