SYDNEY/WELLINGTON: Australian shares closed higher on Tuesday as the central bank raised its economic growth forecast and kept interest rates on hold, with commodity-related stocks leading the way on the benchmark index.
The S&P/ASX 200 index rose 0.6% to 7,067.90, closing higher for the second straight session. Broader Asian markets also edged higher, helped by signs of recovery from the pandemic in major economies.
Gold stocks jumped 3.1%, recording their best day since April 16. Sector heavyweight Newcrest Mining gained 1.5%.
The metals and mining index climbed 2.3%. Big miners BHP Group and Rio Tinto added 2.6% and 2.5%, respectively.
Energy stocks rose 1.7% with Worley Ltd leading the gains, up 4.3%, and Beach Energy Ltd gaining 2?%.
New Zealand's benchmark S&P/NZX 50 index rose 1.1% to 12,912.19, hitting its highest since Feb. 10.