Australian shares touched an eight-week high on Wednesday, buoyed by a rally in mining and financial stocks, as falling US inflation data raised bets that the Federal Reserve would not consider hiking interest rates for now.

The S&P/ASX 200 index rose 1.5% to 7,110.1 by 2359 GMT, its highest level since Sept. 21.

The benchmark was also on track for its biggest daily jump since July 13.

Rate-pause bets got a boost as data on Tuesday showed US consumer prices were unchanged in October, while underlying inflation rose in the smallest annual pace in two years.

In Australia, data showed third-quarter wage price index (seasonally adjusted) rose 4% annually, compared with 3.9% growth expected by a Reuters Poll.

Gold stocks soared 3.6% to post their biggest intraday jump since Jan. 4. Northern Star Resources advanced 3.9% and Evolution Mining surged 4.6%. ASX-listed shares of Newmont Corp rose 3.5%.

Miners also climbed 2.7% to hit a 2-month high, drawing strength from higher iron ore prices as China’s stimulus measures for its steel-heavy property sector lifted demand outlook. Rio Tinto jumped 3% and BHP Group advanced 2.1%.

Rate-sensitive financial stocks extended gains, adding 0.9% and set for their sharpest climb since Nov. 3.

Australian shares rise on broad-based gains; CBA inches higher

The “big four” banks added between 0.7% and 1.2%.

Meanwhile, energy stocks bucked the trend, falling by 0.6% as oil prices pared gains on signs tensions in the Middle East could be easing and uncertainty about US oil inventories.

Heavyweights Santos fell 1.1%, while Woodside Energy was down 0.3%.

Leading gains on the benchmark, Centuria Capital Group jumped 1.5% after the specialist investment manager secured A$500 million ($324.70 million) institutional industrial funding.

The New Zealand benchmark S&P/NZX 50 index rose 1.4% to 11,333.16.