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Australian shares are boosted by gold and mining stocks; Wall Street gains also add to the lift

Australian shares rose on Thursday, with broad gains led by gold and miners. The positive mood was boosted by Wall Street’s performance.

S&P/ASX 200 rose up to 0.7% in the early session. It was at its highest level since September 2 and had risen 0.6% as of 0032 GMT. The benchmark index ended Wednesday 0.1% lower.

The benchmark index for the day was led by the miners, who gained 1.9% on a rise in copper prices. The sub-index reached its highest level since December 2023.

The shares of BHP, Rio Tinto, and Fortescue all rose between 0.9% to 1.4%.

Gold stocks rose to a new record, climbing 2.5% as bullion prices surged on demand for safe havens.

St Barbara, a gold mining company, saw its shares rise 5%. Shares in Evolution Mining, Northern Star Resources, and Genesis Minerals rose between 1.9% to 2.6%.

Investors shrugged off the weak data on private payrolls and the uncertainty surrounding the U.S. shutdown's first day.

Wall Street's gains can often boost Australian markets, by increasing global investor sentiment and appetite for risk.

The "Big Four" banks' shares rose between 0.3% to 0.5%, adding 0.6% to benchmark gains.

Energy stocks rose 0.1%, while healthcare stocks gained 1.3%.

The benchmark S&P/NZX50 index for New Zealand fell 0.2%, to 13,400.88.

Investors have their attention focused on the Reserve Bank of New Zealand's policy announcement next week. According to a report, ANZ analysts expect a rate cut of 25 basis points to 2.75%. (Reporting from Bengaluru by Roshan Thomas; Editing by Alan Barona).

(source: Reuters)