Shares clock third day of gains as gold smashes record
Gold has hit a record high, propelling Australia's share market to its best performance in weeks. -AAP Image
Australia's share market has posted its best performance in three weeks, thanks to a mining sector rally as gold hit a fresh record high.
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The S&P/ASX200 rose 85.3 points on Monday, up 0.99 per cent, to 8,706.7, as the broader All Ordinaries advances 88.2 points, or 0.99 per cent, to 9,006.5.
Almost all 11 sectors ended the day higher, led by a 2.4 per cent surge in raw materials stocks after gold prices hit a new record peak of $US4,397 ($A6,636) an ounce, buoyed by hopes of future US interest rate cuts and geopolitical worries.
Silver also broke its record price to trade near US$70 ($A105.62) an ounce.
The Australian dollar is buying 66.28 US cents, up from 66.03 US cents on Friday at 5pm.
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