Australian shares were flat on Tuesday as losses in energy stocks countered gains in banks and gold stocks, while traders awaited U.S. inflation data for insight on the timing of the Federal Reserve's rate cuts.

The S&P/ASX 200 index closed up 0.1% to 7,712.50. The benchmark had declined 1.8% on Wednesday, quashing last week's record highs.

Investors now await the U.S. consumer price index (CPI) data, due later in the day, for clarity on the Fed's rate cuts ahead of next week's Reserve Bank of Australia (RBA) meeting.

Last month, a hotter-than-expected consumer reading sent shivers down the Australian market and dampened hopes for an early rate cut.

"If the CPI data suggests that the timeline for rate cuts is moving closer, stocks and other risk assets could get a bump higher," said Tim Waterer, chief market analyst at KCM Trade.

"The RBA meeting next week likely be more about the messaging rather than anything else. They are likely to remain on hold, but the question is how much a recent spate of weaker macro data has influenced the tone of the RBA," Waterer added.

Gold stocks ended 2.4% higher, hitting their best level since Jan. 15 and were the biggest gainers on the benchmark index on strength in bullion prices.

Northern Star Resources and Evolution Mining gained 1.7% and 1.6%, respectively.

Financials rose 0.2%. Gains in Westpac Banking and ANZ Group countered losses in Commonwealth Bank of Australia and National Australia Bank.

Miners edged 0.1% higher. Alumina gained 8.1%, hitting its highest level since Aug. 21 on agreeing to a $2.2 billion buyout offer from Alcoa.

On the other hand, energy stocks declined 0.8%, with Woodside Energy and Santos shedding 1.2% and 0.6%, respectively.

New Zealand's benchmark S&P/NZX 50 index fell 0.4% to close at 11,829.1800. The country's main measure of monthly retail activity showed a 1.8% drop in electronic retail card spending for February. (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Varun H K)