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Miners, gold stocks press Australian shares to over a 2-week high

Australian shares reached over a. twoweek high up on Friday, with mining and gold stocks leading. gains as financiers invited the Federal Reserve's 25 basis. points rate cut, while ANZ Group fell over weak yearly. profit.

The S&P/ ASX 200 index advanced by 0.8% to 8,294.9. points by 2331 GMT. The criteria closed 0.3% higher on. Thursday.

The Federal Reserve cut the rate of interest by 25 basis points. as policymakers took note of a job market that has typically. reduced, while inflation continues to approach the U.S. central bank's 2% target.

In Sydney, shares of ANZ Group fell as much as 1.5%. to A$ 31.25, after the lending institution posted 9% drop in annual earnings. Among sub-indexes, mining stocks advanced by 2.1%, on. track for their finest session because Oct. 14, on the back of. upbeat iron ore futures rates.

Heavy-weight miners BHP Group, Rio Tinto. and Fortescue acquired in between 1.4% and 2.2%.

Gold stocks were up as much as 3.6%, snapping out of. a three-day losing streak, as gold costs steadied over night.

As of 2339 GMT, gold fell 0.08% to $2,705.90.

Gold miners Northern Star Resources and Advancement. Mining gained 17% and 5%, respectively.

Innovation stocks rose as much as 1.5% to their. highest level considering that mid-October, tracking over night gains from. their Wall Street peers.

However, ASX-listed shares of payments firm Block. fell as much as 7.5% and was amongst the top laggards on the. criteria after its third-quarter earnings fell listed below Wall Street. expectations.

Shares of varied miner Mineral Resources fell. as much as 2.5% to A$ 37.50, after it was placed on watchlist by. its shareholder HESTA, mentioning dissatisfaction with the company's. insufficient reaction to governance issues involving billionaire. creator Chris Ellison.

New Zealand's benchmark S&P/ NZX 50 index traded 1.2%. higher at 12,729.82 points, eyeing its best session considering that early. October.

(source: Reuters)