The benchmark S&P/ASX200 index on Friday closed a whisker under 8,100, rising 24.2 points to a 10-day closing high of 8,099.9.
For the day it was up 0.3 per cent and for the week it gained 1.1 per cent, more than making up for last week's losses.
The broader All Ordinaries on Friday rose 30.4 points, or 0.37 per cent, to 8,323.5.
Moomoo analyst Jessica Amir said Europe's central bank had bought good weekend vibes to markets, with the European Central Bank cutting interest rates overnight for the second time in 2024.
The move was expected, but still prompted a rebound in the euro, which rose against the US dollar.
Gold rose to an all-time high of $US2,570 as ECB president Christine Lagarde spoke to reporters following the rate-cut decision, but Pepperstone head of research Chris Weston attributed gold's surge to positioning and flow over the news on the day.
The yellow metal has enjoyed clear buying support during its recent consolidation phase, Mr Weston said, and momentum accounts have been buying strength in the breakout.
The top four gainers in the ASX200 on Friday were all goldminers, with Perseus Mining, West African Resources, Capricorn Metals and Red5 rising between 10.2 and 8.2 per cent.
Evolution Mining grew 6.9 per cent to a three-week high of $4.32, Newmont added 3.9 per cent to $78.70 and Northern Star advanced 3.7 per cent to an almost four-year high of $15.60.
Elsewhere in the mining sector, BHP rose 2.0 per cent to $39.60, Rio Tinto added 0.9 per cent to $111.42 and Fortescue finished 5.0 per cent higher at $17.50.
Overall four of the ASX's 11 sectors rose on Friday and five fell, with the bourse's two consumer sectors finishing basically flat.
The mining sector was the biggest gainer, rising 2.3 per cent, followed by real estate with a 1.1 per cent gain.
Goodman Group climbed 2.4 per cent to a six-week high of $35.38.
All of the big four banks finished lower, with NAB dropping 1.2 per cent to $38.28, CBA dropping 0.9 per cent to $141.65, Westpac dipping 0.6 per cent to $32.10 and ANZ falling 0.5 per cent to $31.15.
The Australian dollar was buying 67.16 US cents, from 66.88 US cents at Thursday's ASX close.
Looking forward, the Federal Reserve's rate-setting committee will meet on Tuesday and Wednesday.
Of 101 economists polled by Reuters, 92 expect the Federal Open Market Committee will cut interest rates by a quarter of a percentage point and nine are predicting a supersized cut of half a percentage point.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday up 24.2 points, or 0.3 per cent, at 8,099.9
* The All Ordinaries gained 30.4 points, or 0.37 per cent, at 8,323.5.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.16 US cents, from 66.88 US cents at Thursday's ASX close
* 94.66 Japanese yen, from 95.38 Japanese yen
* 60.64 euro cents, from 60.70 euro cents
* 51.12 British pence, from 51.24 pence
* 108.75 NZ cents, from 108.71 NZ cents
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