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Australian shares closed higher on Thursday, lifted by a rally in gold and tech stocks as a softer rise in U.S. private payrolls increased hopes that the Federal Reserve might not keep rates higher for much longer, while a dip in U.S. bond yields helped prop-up sentiment.

The S&P/ASX 200 index rose 0.5% to 6890.2. The benchmark had slipped to an 11-month low dropping 0.8% on Wednesday.

Market sentiment eased after U.S. private payrolls increased far less than expected in September.

“The ASX200 is on track for its first positive session this week and in October, following a relief rally on Wall Street as US yields eased following the release of cooler-than-expected US economic data,” said IG Markets analyst Tony Sycamore.

Australian shares hit over six-month low on rate hike fears

Investors now await the Labor Department’s more comprehensive employment report on Friday.

“Banks that got bashed yesterday are leading the market higher and 10-year yields have fallen a little helping sentiment,” said Henry Jennings, senior market analyst at marcustoday.

In Sydney, gold stocks rallied 2.5% after the commodity edged higher on Thursday, set to end its eight-session-long losing streak. GOL/

Sector majors Newcrest Mining and Northern Star Resources rose 1.6% and 4.7% respectively.

Tech stocks also jumped 1.7%, while financials rose 0.8%, with the “big four” banks rising between 0.9% and 1.3%.

Meanwhile, energy stocks dropped 0.9% hit by a dip in oil prices Wednesday night. Prices rebounded on Thursday after an OPEC+ panel maintained oil output cuts to keep supply tight. O/R

Sector behemoths Woodside Energy and Santos fell 0.8% and 0.4%, respectively.

Mining companies also lost 0.3% amid concerns around the Chinese economy. Sector behemoths Rio Tinto and BHP Group fell 1.5% and 0.7% respectively.

New Zealand’s benchmark S&P/NZX 50 index rose 0.66% to end at 11235.05.

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