July 31 (Reuters) - Australian shares slipped on

Thursday, led by mining stocks, as appetite for risk assets

declined after U.S. Federal Reserve Chair Jerome Powell doused

hopes of an interest rate cut, and the deadline for a trade deal

with the United States loomed.

The S&P/ASX 200 index fell 0.5% to 8,713 by 0020

GMT. The benchmark, however, was on track for a fourth

consecutive month of gains.

Powell cautioned on Wednesday that it's still too early to

tell whether the central bank will lower interest rates in

September, tempering the market's growing hopes for a rate cut.

Meanwhile, Australia, already facing a 10% baseline U.S.

tariff, could see that figure rise to between 15% and 20% on its

exports if it fails to strike a separate trade agreement with

the United States.

Countries such as India, Canada and Thailand are rushing to

secure a trade agreement with the United States before the

August 1 deadline.

On the Sydney bourse, heavyweight miners led the

decline, dipping as much as 2.7%.

The sub-index was on track for its weakest session since

April 9, tracking an earlier slump in copper futures after

Washington's decision to impose a 50% import tariff on some

copper products.

The sub-index, however, was set for its best month since

September 2024, reflecting sharp gains in iron ore prices.

Gold stocks added to the fall, sliding 2.7% to their

lowest level since April 9 after bullion prices fell overnight.

Bucking the trend, technology stocks climbed as much

as 0.8% to reach a record high, riding a post-market rally in

U.S. tech giants Microsoft ( MSFT ) and Meta after both

companies delivered strong earnings.

The sub-index was set for a fourth straight month of gains.

New Zealand's benchmark S&P/NZX 50 index fell 0.1%

12,846.42.