Gold, mining stocks boost Australian shares to edge higher

Australian shares edged higher on Wednesday, led by gains in gold and mining stocks, recovering some of the previous session's losses after the central bank ruled out further rate cuts in the near term.
The S&P/ASX 200 benchmark index inched up 0.1% at 8,594.3 by 2310 GMT. It had ended 0.5% lower on Tuesday.
The Reserve Bank of Australia (RBA) held cash rates steady as expected on Tuesday, while ruling out further policy easing in the near term.
Investors are now focused on local jobs data for November, expected on Thursday.
Globally, markets are closely watching the U.S. Federal Reserve's policy decision expected at 1900 GMT on Wednesday and anticipate a 25-basis-point interest rate cut.
In Sydney, gold stocks were on track to snap a two-day losing streak to rise as much as 3.5%, buoyed by strong bullion prices as optimism over a potential Fed rate cut persisted.
Ramelius Resources rose as much as 9.8% to a one-week high after announcing a buyback worth A$250 million ($166.05 million), to emerge as the top gainer on both the benchmark and the sub-index.
Miners X gained as much as 1.3%, even as underlying commodity prices were weak. [ MET/L]
BHP Group, Rio Tinto and Fortescue rose between 0.3% and 0.7%.
Paring some gains on the benchmark, energy stocks declined as much as 0.8% to a more than one-week low, as oil prices eased.
Financials and technology stocks X shed 0.2% each.
Meanwhile, New Zealand's benchmark S&P/NZX 50 index edged down 0.1% at 13,439.
The country's central bank said earlier in the day that there was no preset course for monetary policy and that adjustments would be made if the inflation outlook changes.
Previously, it had cut the cash rate by 25 bps and signalled an end to the easing cycle.

Sumber : Reuters