* Queensland closes border with New South Wales, Canberra
* Gold stocks gain as bullion hits record high
* NZ unemployment rate drops unexpectedly
By Arpit Nayak
Aug 5 (Reuters) - Australian shares fell 1% on Wednesday as fresh coronavirus-related restrictions fanned fears of further economic damage, though losses were limited by a rally in gold stocks after the precious metal surged to a record high.
The S&P/ASX 200 index .AXJO was down 1% at 5,979.3, as of 0102 GMT.
Australia's Queensland state said it would seal off its border with New South Wales and capital Canberra to hold back a second wave of coronavirus cases. second-most populous state Victoria has also enforced stringent movement controls and ordered the closure of large parts of the local economy in a bid to contain an alarming resurgence in coronavirus cases. financials .AXFJ were the biggest laggards in the benchmark, easing up to 2.5% with top lenders Commonwealth Bank of Australia CBA.AX and Westpac Banking Corp WBC.AX dropping 2.6% and 3.1%, respectively.
Telecom firm Telstra Corp TLS.AX dropped 1.2% after announcing the sale of its Melbourne data centre for about $300 million. the flip side, gold stocks .AXGD jumped 3.7% after bullion prices touched fresh highs as hopes of further U.S. stimulus and a weaker U.S. dollar bolstered the safe-haven asset's appeal. GOL/
Newcrest Mining NCM.AX and Australia-listed shares of AngloGold Ashanti AGG.AX climbed 3% and 4.7%, respectively.
The gains in gold stocks helped miners .AXMM trade in the black as well.
New Zealand's benchmark S&P/NZX 50 index .NZ50 eased 0.4% to 11,728.31.
The country's unemployment rate unexpectedly declined in the second quarter, but the data did not fully reflect the weakness in the labour market as fewer people actively sought work.