Cyclicals stocks led the gains on Wednesday. The S&P/ASX 300 Metal and Mining index was up over 3% towards the end of the session. Gold stocks are leading the gains, while lithium, rare earths, iron ore stocks are also on the rise.
Gold stocks were higher despite a fall in gold price today. Since the beginning of the year, gold stocks have taken a beating as safe-haven assets experienced sell-offs. It appears that investors rushed to buy gold stocks at cheaper valuations.