FX.co ★ Australian Shares Kick Off the Week Higher

On Monday, the S&P/ASX 200 climbed 0.7% to reach 8,845, building on gains from the previous week. This growth was predominantly fueled by strong performances in the gold and banking sectors. Australian gold stocks surged nearly 1%, achieving record highs, underpinned by robust commodity prices. Among the notable performers, Newmont Corporation rose by 2.4%, and Evolution Mining saw a 2.5% increase. The banking sector further bolstered the market's upward trajectory as investors adjusted their positions in anticipation of an impending central bank interest rate decision. The Commonwealth Bank of Australia saw a rise of 1%, National Australia Bank gained 1.2%, Westpac Banking Corporation advanced by 1.4%, and ANZ Group Holdings Limited increased by 0.9%. In parallel, investors were keenly awaiting a series of pivotal economic indicators, including building permits, housing data, PMI figures, and trade data, which could significantly influence expectations regarding the future interest rate trajectory.