10.12.202501:08:47UTC+00Australian Shares Open Little Changed

In early Friday trading, the S&P/ASX 200 hovered around 8,590, marking a pause following the previous session's losses. A surge in gold miners helped stabilize the index, counterbalancing declines in technology stocks. Notably, the gold mining sub-index surged by 2.5%, its most significant intraday increase since November 25, thanks to rising bullion prices fueled by optimism surrounding the upcoming Federal Reserve rate decision. Sector leaders, Newmont and Northern Star, rose by 3.9% and 2.9%, respectively. Additionally, Ramelius Resources, another gold producer, saw a 6.7% jump after announcing a share buyback plan worth up to A$250 million. The broader mining sector witnessed a 0.9% gain. Conversely, technology stocks experienced a pullback, led by declines in Xero and Technology One, each falling by over 1%, in line with Wall Street's overnight downturn. Among the major banks, three of the "Big Four" were in positive territory, while Westpac experienced a slight decline of 0.2%. Overall market sentiment was dampened following the Reserve Bank of Australia's decision to keep the cash rate steady, quelling expectations for further monetary policy relaxation.