Gold miners Resolute Mining (ASX: RSG) and Northern Star Resources (ASX: NST) were among the biggest risers on the index in afternoon trade, up 3.5% and 2.5% respectively, on strong quarterly results and a record local gold price.

Spot gold was worth about US$1,425 an ounce and the Australian dollar gold price has reached an all-time high, above A$2,068/oz according to the Perth Mint.

Canadian gold stocks also gained yesterday, with Detour Gold (TSX: DGC) and Kirkland Lake Gold (TSX: KL) both rising about 3%, with the country's gold price also near a record high in local terms.

Copper and nickel closed higher on the London Metal Exchange as markets await the outcome of US-China trade talks underway today.

Diversified major BHP (ASX: BHP) had gained 0.6% at the time of writing.

The US Federal Reserve is also set to announce its interest rate decision later this week and is widely expected to announce a cut.