FX.co ★ Aussie Stocks Eye Best Month in Five

The S&P/ASX 200 index experienced a rise of 0.4%, reaching approximately 8,960 during early trading on Friday. This marks a 2.9% increase for the month, setting it on course for its most significant monthly gain since August, buoyed by the robust performance of commodity-linked stocks. The upward trend has been driven by a significant monthly rise in gold and base metal prices, as investors gravitate towards tangible assets amid heightened geopolitical tensions and a declining US dollar. Despite a 2.1% dip in gold stocks on Friday, they have surged 15.3% in January. Similarly, although miners slipped by 0.4% during the day, their monthly increase stands at 13.4%, showcasing notable growth. BHP's shares climbed 0.6% on Friday, culminating in a 13.7% gain for January, which reinstated its status as Australia's largest publicly listed company, overtaking Commonwealth Bank that has seen a decrease of 7.2% this month. Meanwhile, Rio Tinto's stock rose by 0.2%, achieving a record high. The company, along with the Aluminum Corporation of China (Chinalco), is reportedly nearing an agreement to take control of Brazil’s aluminum producer CBA.