The Australian sharemarket has risen as intensifying protests in Iran and growing pressure on the US Federal Reserve drew safe haven demand.

The S&P/ASX index gained 41.6 points, or 0.5%, to 8759.4, with nine of 11 sectors rising, led by consumer discretionary, which jumped 2.1%.

Gold miners underpinned the ASX advance as the precious metal neared $US4600 an ounce, supported by expectations for continued US interest-rate cuts and elevated geopolitical tensions from Iran.

“The key drivers that pushed prices higher last year remain in place and may intensify,” said Justin Lin, investment analyst at Global X ETFs Australia.

Ramelius jumped 6.3% to $4.39, with Newmont up 5.8% to $166.6, Northern Star 2.9% to $25.43, and Regis Resources 2.7% to $7.75. Meanwhile, the broader materials sector was weaker, with Fortescue down 1.4% to $22.40 and BHP 2.5% $46.51. Rio Tinto also edged lower.

Energy stocks extended gains after Brent crude surged more than 5% on Thursday and Friday to more than $US63 a barrel as political unrest in Iran raised the possibility of supply disruptions in the country. Beach Energy rose 3.6% to $1.14 and Woodside edged higher.

Critical minerals stocks rallied after the Australian government said it will initially focus on rare earth elements, antimony and gallium for its $1.2 billion critical minerals stockpile. Lynas Rare Earths gained 4.8% to $14.78, while Larvotto Resources — which is developing one of the world’s biggest antimony mines in Australia — soared 8.8% to $1.30.

The biggest gainer on the ASX was Light & Wonder, which soared 18% to $182.50 after the company settled litigation with its rival Aristocrat. Light & Wonder led the retail sector higher, with Wesfarmers, Eagers and Harvey Norman also gaining more than 1%. Shares of Aristocrat were flat.

Under the settlement, Light & Wonder will pay Aristocrat $US127.5 million ($190 million) for claims Light & Wonder used Aristocrat’s trade secrets and copyrighted material in its Dragon Train and Jewel of the Dragon games.

In company news, PWR Holdings rallied 10% to $9.60 as it secured a $US9.1 million ($13.5 million) follow-on contract to supply advanced cooling solutions for a US government project.

Regal Partners rose 4.7% to $3.56 after it told investors it would report a $145 million full-year net profit on the back of a jump in performance fees to $172 million for 2025. That’s up from $84.5 million in 2024.

Clinuvel Pharmaceuticals gained 1.4% to $12.82 after it kicked off a new preclinical study of its controlled-release liquid injectable peptide platform, VLRX-L.

Super Retail dropped 5.3% to $14.90 as its first-half earnings guidance fell short of expectations, even as sales landed broadly in line with market forecasts.

AMP climbed 3.7% to $1.85 as Citi reinstated its buy rating. The broker said the wealth manager was poised to announce further capital return measures alongside its FY25 result.

Domino’s Pizza Enterprises rose 3.1% to $23.25 after it named Merrill Pereyra as chief executive for Australia and New Zealand. It has also expanded George Saoud’s role, making him group chief operating officer in addition to his CFO duties.