Australian shares closed firmer on Monday, led by gold miners and financials, as global investors took solace in hints that the US Federal Reserve would debate on a smaller interest rate hike in December.

The S&P/ASX 200 index climbed 1.5% to 6,779.40 at the close of trade. The benchmark closed 0.8% lower on Friday.

Some Fed officials have begun sounding out their desire to slow down the pace of rate hikes soon, according to a Wall Street Journal report, and how to signal plans to approve a smaller increase in December.

Australian gold stocks climbed 3.9% as bullion edged higher on hopes of less-aggressive policy stance by the US central bank. Heavyweight miners Northern Star Resources and Newcrest Mining climbed 5% and 2.9%, respectively.

Technology stocks climbed 2.3%, catching the tailwind from a bounce on all three major US indexes.

Australia-listed shares of Block Inc rose 2.8%. Financials climbed 1% with Australia’s “Big Four” banks trading between 0.2% and 1.2%. Analysts are expecting the country’s central bank to raise its rates by 25 basis points when they meet in November.

“We are on track for a 25-basis-points rate increase. Confirmation that quarterly trimmed mean inflation accelerated in Q3 might pose a challenge to the RBA’s decision to step down the size of rate increases in October,” ANZ analysts said in a note.

Banks, healthcare stocks lift Australia shares

Miners climbed 2.6% and marked their best day in nearly three weeks, with giants Rio Tinto, BHP Group and Fortescue advancing as much as between 1.2% and 2.6%.

While there was an uptick in the mining index, ANZ analysts said sentiment remained bearish as worries mount over the outlook for steel demand from China.

“Infrastructure is now becoming the most likely sector in China through which demand for steel and iron ore can receive a boost, but its impact on demand is waning,” analysts said. Markets in New Zealand were closed on account of a public holiday.