Australian shares rose on Friday as heavyweight energy and gold stocks rallied after commodity prices jumped, with investors weighing the prospects of global central banks raising rates to fight rampant inflation.

The S&P/ASX 200 index rose 0.48% to 7,478.7 points by 0112 GMT, but the benchmark is set for its first weekly loss in a month.

Local markets also tracked a late rally on Wall Street as investors digested the Federal Reserve's more aggressive stance on rate hikes and eyed the war in Ukraine while snapping up beaten-down shares. Energy stocks advanced as much as 1.6%, tracking a rally in Brent crude futures overnight.

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Sector heavyweights Woodside Petroleum and Santos rose 1.9% and 1.5%, respectively.

Agribusiness firm Graincorp surged as much as 8.9% to a record high after forecasting underlying profit for fiscal 2022 to be around 2.5 times of last year, as it benefits from supply constraints due to the Ukraine conflict.

Mining giant Rio Tinto Ltd added 1.3% on taking sole charge of operations and production at refiner Queensland Alumina Ltd, partly owned by Russian aluminium producer Rusal , following government sanctions.

Gold stocks rose as much as 1.8% after bullion firmed on concerns of rising costs and the Ukraine crisis.

The country's biggest gold miner Newcrest climbed 1.7%, while heavyweight Northern Star Resources jumped as much as 2.6%.

New Zealand's benchmark S&P/NZX 50 index fell 0.01% to 12,074.7 points.