(Corrects RIC in paragraph 4.)
Dec 29 (Reuters) - Australian shares ended higher on Thursday, recovering some of the losses incurred earlier in the day, buoyed by a rise in gold prices as the U.S. dollar weakened, helping basic material stocks.
The S&P/ASX 200 index .AXJO ended the session up 0.25 percent, or 14.01 points, at 5,669.1.
Basic materials stocks were boosted by the U.S. dollar sagging against the yen on Thursday as U.S. yields slipped to two-week lows after weaker-than-expected U.S. pending home sales data and a robust debt auction. US/ FRX/ .N
Rio Tinto (LON:RIO) RIO.AX climbed more than 1 percent to its highest in two weeks while BHP Billiton (LON:BLT) BHP.AX rose 0.24 percent.
Gold prices rose on Thursday as the U.S. dollar slipped versus its index basket of currencies. GOL/
The Australian benchmark gold index .AXGD rose 3.35 percent to its highest in over two weeks with gold miners Newcrest Mining NCM.AX and Evolution Mining EVN.AX and Northern Star Resources NST.AX gaining between 3 percent and 7 percent.
The financial sector in Australia was flat, with the losses in property sector and tracking U.S. peers, offsetting gains by the "Big Four" banks.
Dexus Property Group DXS.AX lost 3.34 percent while Westpac Banking Corp WBC.AX and Commonwealth Bank of Australia CBA.AX recovered earlier losses to end up 0.3 and 0.2 percent respectively.
New Zealand's benchmark S&P/NZX 50 index .NZ50 closed 0.24 percent, or 16.5 points higher at 6,892.28.
The index was driven by gains in A2 milk ATM.NZ and Air New Zealand AIR.NZ , each rising over 2 percent while Ryman Healthcare RYM.NZ gained 1.5 percent.