At around 12 pm local time, share markets across Australia suddenly nudged higher to record strong values. The country's benchmark S&P/ASX200 hiked by 20 points, or 0.42%, to trade at 4782.4 points. The broader exchange, All Ordinaries, on the other hand, gained 17.4 points, or 0.36%, to rise to 4794.1 points.

"I still think it's a commodities story. BHP is up again and Rio was up in New York, and of course gold is higher again", said Bell Financial Group Senior Adviser Chris Kimber.

Commodities, it seems, really did rule the markets, with Macarthur Coal gaining 36 cents, or 3.9%, to $9.70. New Hope and Alumina also surged by 18 cents and 3 cents, respectively. New Hope was then trading at $4.46 and Alumina at $1.60.

Big miners, including BHP Billiton and Rio Tinto jumped higher as well, with BHP adding 29 cents to trade at $42.21 and Rio adding 12 cents to reach a new high of $73.66.

Gold hit an all time high once again. The price of the metal in Sydney was recorded as $US1224.13 per ounce, a substantial rise from Wednesday's closing value of $US1215.03.