Australian stocks recover as miners, gold stocks shine after Trump delays Iran strike

Australian shares snapped a three-session slide on Tuesday, supported by miners and gold stocks on firmer commodity prices after US President Donald Trump postponed attacks on Iranian power assets, lifting investor sentiment.

The S&P/ASX 200 index rose 1.1% to 8,457.20, as of 2340 GMT, on track for its best session since February 25.

The benchmark closed 0.7% lower on Monday. US President Donald Trump on Monday postponed a threat to strike Iran’s key energy infrastructures and said that the US and Iran had held productive talks with unidentified Iranian officials.

However, Iran denied any negotiation engagements with the US On the bourse, heavyweight miners advanced 4.1%, set for their best day since April 10, 2025, supported by a rise in iron ore prices due to elevated freight rates.

Mining majors Rio Tinto and BHP Group surged 3.2% and 3.5%, respectively. Gold stocks climbed as much as 5.3%, their biggest gain since February 9, as bullion cut losses, after sliding over 8% earlier on Monday.

Gold explorers Evolution Mining and Northern Star Resources added 4.8% and 4.5%, respectively. Financials gained as much as 1.3% to their biggest rise since March 13, with all “big four” banks climbing between 0.3% and 2.3%.

Bucking the trend, energy stocks tracked dropping oil prices and fell as much as 4.1% to their steepest drop in two weeks. Sector majors Santos and Woodside Energy dragged 3% and 3.4%, respectively.

Meanwhile, in Australia, consumer confidence fell to its lowest level in more than 50 years, with rising credit costs and a surge in petrol prices clouding the economic outlook, an ANZ -Roy Morgan weekly survey showed.

Further south, New Zealand’s benchmark S&P/NZX 50 index was flat at 12,902.88 points.

In early market hours, the central bank chief Anna Breman said higher interest rates could be needed if inflation driven by higher Middle East energy prices becomes persistent.