Australia shares inched higher on Friday, with financials and the healthcare sector lifting the benchmark, while resource-related stocks weakened as commodities slid on broadening fears of rate hikes and inflationary risks. The S&P/ASX 200 index (.AXJO) was up 0.1% at 7,379.2 points, as of 1146 GMT. The benchmark, however, was headed towards a 0.8% weekly loss, its biggest since Oct. 29. Investors await U.S. President Joe Biden"s final decision on his nominee to head the Federal Reserve, which could decide the timeline on tightening policy. (https://reut.rs/3HCI9ci) Banking stocks (.AXFJ) snapped a three-day losing streak to gain up to 0.7%, with the "Big Four" banks all trading in the black. Shares of Commonwealth Bank of Australia (CBA.AX) rose 1.1% after falling about 9.5% in the last two sessions. Healthcare stocks (.AXHJ) added 0.7% in their third straight day of gains, with biotech major CSL Ltd (CSL.AX) climbing 0.6%. Gold stocks, however, were the biggest laggards on the benchmark, losing 1.8% as bullion prices were hurt by bets for an earlier-than-expected rate hike by the U.S. Federal Reserve. The prospect of early interest rate hikes would increase the opportunity cost of holding non-yielding gold. Heavyweight miners (.AXMM) declined 0.7% amid weaker iron ore prices, with Australian Strategic Materials (ASM.AX) down 4.3% to be the top loser in the sub-index. Tech stocks fell 0.8%, snapping a five-day streak of gains, even as two of three major indexes on Wall Street closed at record highs. WiseTech Global Ltd (WTC.AX) and BNPL major Afterpay Ltd (APT.AX) were leading losses in the sub-index, down 2.8% and 1.4%, respectively. Meanwhile, New Zealand"s benchmark S&P/NZX 50 index (.NZ50) was down 0.3% to 12,800.3 points. A Reuters poll found that the country"s central bank will raise rates for the second meeting in a row on Wednesday and continue with its tightening spree next year. read more In other markets, the S&P 500 E-minis futures were up 0.1%.