Australian Stocks Recover as Miners, Gold Stocks Shine After Trump Delays Iran Strike

March 24 (Reuters) - Australian shares snapped a three-session slide on Tuesday, supported by miners and gold stocks on firmer commodity prices after U.S. President Donald Trump postponed attacks on Iranian power assets, lifting investor sentiment.

The S&P/ASX 200 index .AXJO rose 1.1% to 8,457.20, as of 2340 GMT, on track for its best session since February 25. The benchmark closed 0.7% lower on Monday.

U.S. President Donald Trump on Monday postponed a threat to strike Iran's key energy infrastructures and said that the U.S. and Iran had held productive talks with unidentified Iranian officials. However, Iran denied any negotiation engagements with the U.S.

On the bourse, heavyweight miners .AXMM advanced 4.1%, set for their best day since April 10, 2025, supported by a rise in iron ore prices due to elevated freight rates. IRONORE/

Mining majors Rio Tinto RIO.AX and BHP Group BHP.AX surged 3.2% and 3.5%, respectively.

Gold stocks .AXGD climbed as much as 5.3%, their biggest gain since February 9, as bullion cut losses, after sliding over 8% earlier on Monday. GOL/

Gold explorers Evolution Mining EVN.AX and Northern Star Resources NST.AX added 4.8% and 4.5%, respectively.

Financials .AXFJ gained as much as 1.3% to their biggest rise since March 13, with all "big four" banks climbing between 0.3% and 2.3%.

Bucking the trend, energy stocks .AXEJ tracked dropping oil prices and fell as much as 4.1% to their steepest drop in two weeks. Sector majors Santos STO.AX and Woodside Energy WDS.AX dragged 3% and 3.4%, respectively.

Meanwhile, in Australia, consumer confidence fell to its lowest level in more than 50 years, with rising credit costs and a surge in petrol prices clouding the economic outlook, an ANZ -Roy Morgan weekly survey showed.

Further south, New Zealand's benchmark S&P/NZX 50 index .NZ50 was flat at 12,902.88 points.

In early market hours, the central bank chief Anna Breman said higher interest rates could be needed if inflation driven by higher Middle East energy prices becomes persistent.