April 8 (Reuters) - Australian shares posted their first weekly drop in four as investors assessed the possibility of aggressive rate hikes to curb rapid inflation after the central bank shook off its long-held "patient with policy" pledge and flagged household debt.

But, the S&P/ASX 200 index closed 0.47% higher on Friday at 7480.5, supported by miners and gold stocks.

Gold stocks advanced 2.2%, leading the gains on the benchmark, as bullion prices rose overnight with the Ukraine crisis bolstering its safe-haven appeal.

Australia's biggest gold miner Newcrest Mining gained nearly 3% to scale its highest level in nearly a month, while Evolution Mining leapt nearly 2%.

"Gold has stayed very strong this week. It seems to be the adult in the room," said Brad Smoling, managing director at Smoling Stockbroking.

Local miners jumped 1.3%, buoyed by a steady Australian dollar. Index heavyweights BHP and Fortescue rose between 0.4% and 1.6%.

Investor concerns, however, persisted over the prolonged Russia-Ukraine conflict and the surge in COVID-19 cases in China, one of the biggest trading partners for Australia.

Denting sentiment this week, Australia's central bank warned that borrowers and lenders needed to be prepared for a rise in interest rates that would lift mortgage repayments and could hit house prices.

"So there's a lot of negative moving parts and it makes it quite understandable why gold price would stay firm at these levels and have the distinct possibility of going higher," Smoling added.

Domestic technology stocks closed the week about 2% lower, their worst week since Feb. 25, as they tracked their Wall Street peers lower on concerns over Fed's hawkish rate stance.

In New Zealand, the benchmark S&P/NZX 50 index closed 0.08% lower at 12066.27.

(Reporting By Navya Mittal in Bengaluru; Editing by Sherry Jacob-Phillips)