A critical minerals deal between Australia and the US sparked a rally among miners that may benefit. -AAP Image
A mining sector rally has pushed the local share market to record highs, as gold continued to soar and a US-Australia critical minerals deal bolstered local rare earths producers.
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The benchmark S&P/ASX200 rose 59.1 points on Tuesday, up 0.65 per cent, to a record close of 9,091, after hitting a new intraday peak of 9,115.2 shortly after midday.
The broader All Ordinaries gained 60.8 points, or 0.65 per cent, to 9,385.1, taking the combined value of the top-500 companies to almost $3.2 trillion.
Mining stocks led the charge as gold producers rebounded, iron ore giants rode commodity prices higher and as select rare earths producers rallied on the back of a multibillion-dollar US-Australia investment and price-floor deal.
The Australian dollar is buying 65.03 US cents, up from 64.76 US cents on Monday at 5pm.
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