The price of the precious metal recently hit fresh seven-year highs helping major miners, such as Northern Star (ASX:NST) advance 14%.
S&P/ASX 200 (INDEXASX:XJO) rallied 100 points or 1.9% surging to a fresh one-month high of 5488 despite a weak lead from Wall Street.
The gains were rather broad based with only the real estate sector closing in negative territory.
Some of the best performers included media, retail and tech companies. Heavyweights such as materials and financials also added weight to advances.
Gold hits seven-year high
The price of the precious metal recently hit fresh seven-year highs helping major miners, such as Northern Star () advance 14% and Newcrest Mining () rise 12%.
Media stocks such as Southern Cross Media () and Seven West Media () jumped 27% and 33% respectively.
Retailers were led by a 29% increase for jeweller Michael Hill () and Kathmandu () lifted 13.8%.
Flight Centre () increased 15% with another travel business Corporate Travel () closing 21% higher.