Australian shares reached a near one-month high on Wednesday, primarily driven by banks and miners. This surge followed softer-than-expected US inflation data and robust overseas bank earnings, which shifted market focus away from geopolitical tensions. Gold stocks notably advanced by up to 1.1%, directly tracking the movement in bullion prices, with Northern Star Resources and Vault Minerals seeing gains.
Mining giants also performed well, with Rio Tinto rising after beating quarterly iron ore sales estimates, and BHP leading gains amid rising iron ore prices due to supply concerns. The overall market sentiment was buoyed by the US inflation figures, which often influence global financial markets.
Lower US inflation data typically weakens the US dollar, making gold more attractive to international investors. This could potentially support international gold prices, which in turn might influence gold rates in Pakistan.
بحوالہ / Source: www.brecorder.com