The S&P/ASX200 edged 8.5 points higher by midday, up 0.1 per cent, to 8,857.2, as the broader All Ordinaries gained 14.1 points, or 0.15 per cent, to 9,186.1.
"Gold extended its rally for a fourth straight session ... supported by ongoing policy uncertainty and growing expectations that (US) monetary conditions will ease," Moomoo dealing manager Jimmy Tran said.
"Demand for safe-haven assets remains strong, even as US economic data continues to show resilience, with third-quarter GDP exceeding expectations and the labour market indicating stability rather than deterioration."
The top-200 is on-track to shed roughly 0.5 per cent for the week, after dipping as low as 1.5 per cent earlier in the week as investors weighed a return of fresh US tariffs and harsh words between the US and its NATO allies.
Four of 11 local sectors were trading higher by lunchtime, with a strong 2.8 per cent rebound in tech stocks, and a 1.7 per cent surge in raw materials plays as a USD pullback and persistent safe haven demand sent gold to a fourth record high this week.
Spot gold hit a new peak of $US4,963 ($A7,252) an ounce, boosting local miners Evolution and Northern Star by 7.6 per cent and 5.8 per cent respectively.
Iron ore giants Fortescue and Rio Tinto each lost more than one per cent, as BHP edged 0.2 per cent higher to $48.17.
Lynas Rare Earths continued its strong run, up almost four per cent on Friday and on a charge since its quarterly update on Wednesday.
The financial sector weighed on the bourse, fading 0.9 per cent as all big four banks traded lower.
Investor concerns about lofty valuations on the ASX continue, particularly in its heavily weighted banks, with Morningstar analysts estimating the bourse is trading at a nine per cent premium to fair value.
Energy stocks slipped 0.5 per cent after a strong session on Thursday, as oil prices snapped back overnight after US President Donald Trump toned down his threats against Europe and Iran.
The segment dip tracked with similar slips in Woodside and Santos, while coal producers traded roughly flat and most uranium stocks sold off for a second day.
The spike in tech stocks came as tracking app Life360 soared more than 24 per cent higher after it uplifted forward guidance as its user base approached 100 million. It was the top-200's best performer.
Castpone Copper was at the other end of the leaderboard, shedding almost four per cent after flagging disruptions to suphide production at its Mantoverde mine in Chile.
The utilities sector has continued its strong run, up another 0.8 per cent on Friday and more than six per cent higher for the week.
The Australian dollar is trading at its highest price since October 2024, buying 68.42 US cents, up from 68.05 US cents on Thursday at 5pm.
The Aussie has been supported by stronger-than-expected employment figures, narrowing Reserve Bank rate hike bets, and further supported by easing geopolitical tensions and resilient economic data from China earlier in the week.
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