Australian gold sub-index is up 9.6% so far this week, and is poised for the most significant weekly gain since July 14, 2023, should the trend persist.

The sub-index decreased 0.3% at 0225 GMT for the day.

Gold prices are on the right track for their largest weekly surge in five months, as they are close to a record high.

Sector giants Northern Star Resources (ASX:NST) and Evolution Mining (ASX:EVN) hold strong, with a 10.5% and 12.2% rise this week respectively.

However, the sub-index is still down by nearly 5% YTD as of the last closure.

Australian gold sub-index is a key influencer in the Australian financial markets, comprising multiple gold-related stocks.

Driven by an increase in bets on monetary policy easing upon slower-than-predicted domestic growth data, Australian shares reached an all-time high on Friday.

The surge was led by heavyweight financials.

The S&P/ASX 200 index (ASX: AXJO) increased 0.7% to conclude at 7,820.8 points by 1221 GMT, making this the third session in a row of gains.

The benchmark even touched a record high of 7,825.1 points earlier in the session.

It is set to finish the week with a second consecutive weekly gain, currently standing at a 1.2% rise.

Earlier in the week, the country’s gross domestic product data restored hopes that the Reserve Bank of Australia (RBA) might commence interest rate cuts later this year.

The RBA is scheduled to meet on March 19 to announce the country’s cash rate.

Financials are up 1.3% to their highest level in 16 years and are set to gain for the fifteenth consecutive week.

The Big Four banks experienced gains ranging from 0.6% to 1.3%.

National Australia Bank (ASX:NAB) and Westpac Banking Corp are projected for the ninth and seventh weeks of gains, respectively.

Meanwhile, the country’s top lender, the Commonwealth Bank of Australia, touched a record high, and the fourth largest lender, ANZ Group, attained a 5.5-year high.

Energy stocks grew by 0.6%, with Woodside Energy enhancing by 0.2%.

Gold stocks and Northern Star Resources are set for their best week since November 11, 2022.

On the other hand, miners depreciated by 0.1%, with the world’s largest miner, BHP Group, falling 0.3% in ex-dividend trading.

Tech stocks reached over a two-year high, following gains in Wall Street, rising up to 1.2%.

The sub-index is set for the sixth consecutive week of gains.

The New Zealand benchmark S&P/NZX 50 index rose 0.3% or 39.1 points to 11,843.29.

National Australia Bank (ASX:NAB), one of the Big Four banks, is a multinational banking and financial services organization headquartered in Melbourne, Australia.

Hartshead Resources (ASX:HHR) announced that the UK Labour Party has outlined a potential increase in taxation, as well as a reduction of tax relief for UK gas developments if they come to power.

The company is currently assessing the economic implications that may arise following these proposed tax changes by the Labour Party.

Hartshead Resources conveyed that the project timeline has become uncertain due to the potential delay in the award of contracts for capital items.

The decision for the application for the UK 33rd Offshore Licensing Round is expected to be announced in the first half of 2024.

Hartshead Resources is an energy company that specializes in gas developments within the United Kingdom.

Stonehorse Energy has announced that the Caroline well produced over 165,000 Barrels of Oil Equivalents (BOE) during its first 135 days of production.

The company additionally reported that the Gryphon Wapiti well produced over 17,000 BOE within its initial 60 days of production.

Stonehorse Energy (ASX:SHE) is an Australian-based oil and gas exploration and production company that operates primarily in North America.

Jade Gas (ASX:JGH) has enhanced its Memorandum of Understanding (MoU) with UBM in order to supply a newly built Liquefied Natural Gas (LNG) fuelling station.

The augmented MoU now focuses on UBM’s newly constructed LNG fuelling station which is just 10 km away from Jade Gas’s TTCBM project.

UBM, in turn, is planning to augment its LNG capabilities to substitute up to 13,000 diesel haulage trucks in the region of Tavan Tolgoi.

Jade Gas is an energy company primarily engaged in gas exploration and production activities.

Magmatic Resources (ASX:MAG) has announced that Fortescue is set to farm-in on their Myall project and make a cornerstone investment.

An agreement for farm-in and a joint venture has been executed with FMG Resources for the Myall Project.

As part of the deal, Fortescue will invest up to AUD 14 million over the course of six years to acquire up to a 75% joint venture interest in the project.

During the initial farm-in period, which could last up to four years, Magmatic Resources will operate the project.

Additionally, Fortescue is set to subscribe for 75.9 million shares in Magmatic Resources.

The share placement, priced at AUD 0.04884 per share, will raise AUD 3.71 million in funding.

Magmatic Resources is an Australian mineral exploration company.

Byron Energy announced that production levels have stabilized at both the SM58 G and SM71 F platforms.

The company has successfully completed topside mechanical repairs resulting in steady production levels.

Furthermore, the company’s net daily sales stand at 1,809 barrels of oil per day (BOPD) and 2,789 thousand cubic feet per day (MCFPD) of gas.

Byron Energy (ASX:BYE) continues its operations as a robust energy establishment.

Byron Energy is an energy firm that specializes in oil and gas production.

Shares of Genesis Minerals (ASX:GMD) fell by up to 4.2% to A$1.838 following a cut in the annual earnings forecast by Macquarie due to a softer-than-expected half-year performance.

Macquarie has set a price target of A$1.92 for the gold mining company, maintaining an ‘outperform’ rating.

The brokerage noted that Genesis Minerals' half-year underlying EBITDA was 24% less than anticipated.

Genesis Minerals concluded the first half of FY24 with net cash (inclusive of leases) amounting to A$155 million, which was A$7 million less than estimated, due to higher lease balances.

Macquarie has consequently reduced Genesis Minerals' FY24 EPS estimate by 8%.

Despite this, the miner’s stock has seen a year-to-date rise of 7.1% as of the last closing.

Genesis Minerals is a gold exploration company.

In a record intraday percentage gain, shares of OpenLearning (ASX:OLL) soared by as much as 64.7% to A$0.028.

This was the highest level the stock has reached since August 22, 2023.

The education technology company made waves by signing a A$1 million platform and content license deal with Asia Pacific International College (APIC).

As part of the agreement, APIC will use OpenLearning’s platform to deliver three higher education units focused on artificial intelligence.

Trading activity was higher than usual, with about 1 million shares changing hands, substantially higher than the 30-day average volume of 86,378.

Despite today’s gains, the stock is down 5.6% Year to Date, based on the last close.

OpenLearning is an education technology company that offers a platform for delivering high education units.

The Australian technology sub-index has seen a significant uptick, jumping as much as 1.2% to reach its highest level since late November 2021.

The market indicator is on its way to marking its sixth consecutive weekly gain, primarily stimulated by overnight gains on Wall Street.

The shares of Life360, a leading performer on the sub-index, saw a robust growth of up to 5.1%, reaching A$12.255.

Concurrently, the shares of Block and WiseTech Global also experienced bountiful advances, going up to 1.1% and 1.71% respectively.

Thus far this year, the sub-index has seen a 25% increase as per the last close.

Life360 Inc.

is a San Francisco-based tech company that provides location-based services including shared location, messaging and driving safety features.