Australia shares gain as gold stocks track bullion to record peak
Australian shares rose on Tuesday, buoyed by gold stocks climbing to a record high on surging bullion, while the broader sentiment improved following news that the U.S. and China would resume trade talks.
The S&P/ASX 200 index rose as much as 0.7% to 8,470 points as of 0036 GMT, its highest since February 19.
However, the benchmark's gains were capped by a more than 45% plunge in IDP Education, as the educational services provider flagged a lower annual profit outlook due to policy uncertainty impacting its key markets.
Meanwhile, on Sunday, U.S. Treasury Secretary Scott Bessent said President Donald Trump will speak with Chinese President Xi Jinping soon to iron out trade issues, including a dispute over critical minerals.
This came after Trump on Friday accused China of violating an agreement to mutually roll back tariffs and curbs on critical minerals.
Gold stocks hit a fresh high on the day, rising 5% after the yellow metal scaled a more than three-week peak on a weakening U.S. dollar, which drove investors to safe-haven assets.
Banks, energy weigh on Australia shares; Brickworks jumps on buyout deal
Northern Star and Evolution Mining added 4.1% and 3.9%, respectively. Genesis Minerals jumped 6.3% and was the top gainer on the index.
Energy stocks followed suit as oil gained about 3% on supply concerns and as wildfires in Canada disrupted output.
Woodside Energy and Santos, Australia's top two oil and gas companies, rose between 1.1% and 2.6%.
The other commodity-linked sub-index on the benchmark, mining, advanced 1.6% as a thaw in U.S.-China trade tensions boosted sentiment about demand for Australian commodities, deeply tied to Chinese consumption.
BHP Group, Rio Tinto and Fortescue gained 0.8%, 0.4% and 1.7%, respectively.
Financials gained after ending nearly flat on Monday. The 'Big Four' banks rose between 0.3% and 0.9%.
Information technology stocks tracked a rebound on Wall Street to trade 0.5% higher. REITS and consumer discretionary stocks rose 0.9% and 0.6%, respectively.
New Zealand's benchmark index was largely unchanged.
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