The S&P/ASX 200 index closed higher for a third straight day, gaining 16 points or 0.18% to 8,839.00 points, supported by non-energy mining, utilities, and technology stocks. However, the market trimmed its gains after Australia reported June employment figures that jumped by 76,300 positions, more than five times analysts' forecasts, which could pressure the Reserve Bank of Australia to raise interest rates again this year. Gold mining stocks rose in line with gold prices, with Northern Star Resources up 1.92% and Evolution Mining up 1.85%, while the four major banks gained between 0.5% and 1.3%. The Reserve Bank of Australia board kept the policy rate at 4.35% at last month's meeting, after three hikes this year to curb inflation, and will watch quarterly inflation data next week ahead of its next meeting on August 10 to 11.
Gold mining stocks rose in line with gold prices, benefiting Evolution Mining.
Gold mining stocks rose in line with gold prices, benefiting Northern Star Resources.