Australian Share Market Hits Record Highs Amid Gold Surge

The Australian share market reached record highs for the second consecutive day on Thursday, with the S&P/ASX200 closing at 9,271.6 and the All Ordinaries peaking at 9,452. Mining stocks led the rally, fueled by gold prices hitting a seven-week high. This surge followed reports of an agreement between Iran and Oman regarding shipping routes through the Strait of Hormuz and expectations of a U.S.-led peace deal.

Data from the Australian Bureau of Statistics confirmed that gold has now surpassed coal as the second most valuable export for the country. Investment strategists noted that investors are increasingly viewing the Australian market as a safe harbor because it has limited exposure to volatile AI hardware trades.

Other corporate developments contributed to the positive momentum. AMP Limited shares reached their highest level since 2019 after reporting strong first-half profits, and News Corp shares gained 3.4 percent following a solid fourth-quarter update. Additionally, Commonwealth Bank of Australia appointed Julie Coates as an independent non-executive director to its board.