Australian shares gain on strength from gold, mining stocks

Australian shares experienced a rise on Thursday, driven by gains in mining and gold stocks. The S&P/ASX 200 index climbed 0.3% to 9,072.30 by 0125 GMT, marking its first increase in six straight days. On Wednesday, the benchmark had fallen by 0.2%. However, the Reserve Bank of Australia's Deputy Governor Andrew Hauser cautioned that the central bank would need to increase interest rates again if inflationary risks intensified.

Despite the RBA holding rates at 4.35% last week, after raising them by 75 basis points since February, Hauser emphasized the bank's determination to control persistent inflation. Meanwhile, Australian employment unexpectedly declined in July, while the unemployment rate surged to its highest level since late 2021. On the local stock exchange, miners surged as much as 3.4% to near two-month highs, propelled by robust copper and iron ore prices.

BHP Group and Rio Tinto climbed as much as 3%. Fortescue, the world's fourth-largest iron ore miner, saw a mixed performance, with a profit increase but also a warning of rising costs, resulting in its lowest dividend in eight years. Gold stocks advanced by up to 8.9%, touching their highest level since early March, buoyed by strong bullion prices.

Gold miner Northern Star Resources jumped as much as 8.4%, reaching its highest point since mid-April, following a 24% increase in full-year net profit. Tech and health stocks also experienced gains, with the former surging 3.6% and the latter climbing by 1.9%. However, banks suffered a decline of nearly 2%, with the "Big Four" banks trading around 1% lower. Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index gained 0.2%, closing at 13,966.11.