The sharemarket suffered its biggest fall for four weeks yesterday as resources companies sank in response to ongoing questions about the global economic outlook and fear that the collapse in gold prices could force some funds to sell commodities and resources equities.

The benchmark S&P/ASX 200 closed down 1.6 per cent at 4924.4. Share-trading value surged to $6.7 billion, well up on Wednesday's figure of $4.2bn when the market rose 1.1 per cent.

Yesterday's close was the lowest in the past eight trading sessions.

The dollar was also down, falling US0.46c to $US1.0317 in Asian trading.

"More advisers are starting to think about whether the market has topped out in the short term," Macquarie private wealth division director Martin Lakos said.

"Conditions are very different from last year, when you had all the European issues around this time, but the way markets are reacting to economic data suggests prices are a bit frothy."