Evolution Mining Ltd (EVN.AU) saw its stock price surge by 5.04% during intraday trading on Wednesday, outperforming the broader market. The rally was part of a broader uptick in Australian gold miners, which reached record highs.

The rise in gold prices, driven by expectations of a Federal Reserve rate cut next year, buoyed the sector. Data showing an increase in the U.S. unemployment rate in November strengthened bets that the Fed would ease monetary policy, making gold a more attractive investment. This sentiment lifted Evolution Mining and other gold miners, with the sector sub-index snapping two sessions of losses.