Mining and energy stocks lift the ASX, despite pressure from the Big Four banks.

The ASX closed higher on Friday after a volatile start, driven by rising commodity prices and positive economic data from the U.S.

The S&P/ASX 200 gained 24.2 points, or 0.3%, to finish at 8099.9, with only five of the 11 industry sectors seeing gains. Earlier in the day, the index had hit a six-week high of 8143.6 points before cooling off due to weaker performance from the banks.

The mining sector led the growth, fueled by strong commodity prices. Iron ore rose 2.5% to $US95.05 per tonne, while uranium and lithium surged, and spot gold prices reached a record high, up 1.6% to $US2552.34/oz, as investors speculated about a potential rate cut from the U.S. Federal Reserve.

Mining giants BHP and Rio Tinto gained 2% and 0.9%, respectively, while Fortescue jumped 5%, making it one of the top large-cap performers.

Other mining stocks also dominated, with Evolution Mining rising 7.2% and Northern Star Resources up 4.1%. The energy sector benefited as well, with Brent crude prices increasing 2.3% to $US72 per barrel following Hurricane Francine’s impact on oil production in the Gulf of Mexico, disrupting supply.

Meanwhile, the Australian dollar strengthened overnight, trading at 67.32 US cents by 11am AEST.