Mining and energy stocks lift 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 US. The S&P/ASX 200 climbed 24.2 points, or 0.3%, to end at 8099.9, though only five of the 11 industry sectors advanced. The index had earlier reached a six-week high of 8143.6 before cooling down due to weaker bank performance.

The mining sector saw the strongest growth, fueled by robust commodity prices. Iron ore jumped 2.5% to $US95.05 a tonne, while uranium, lithium, and gold also surged. Spot gold hit a record high, rising 1.6% to $US2552.34/oz amid speculation of a potential US Federal Reserve rate cut. Major players BHP and Rio Tinto gained 2% and 0.9%, respectively, while Fortescue jumped 5%, making it one of the top large-cap performers by the close.