News: CBA Australian shares set to snap 7 weekly losses on boost from miners, gold stocks

March 30 (Reuters) - Australian shares hit a three-week high on Friday and were on track to snap a seven-week losing streak, as mining stocks jumped on firmer commodity prices.

The S&P/ASX 200 index (xjo) was up 0.6% at 7,167.5 points by 0020 GMT. The benchmark has risen over 3% so far this week, and is set to post its biggest weekly jump since November 2022.

Mining shares .AXMM gained 2% to hit three-week high. The sub-index is on track for its biggest weekly jump since early-November, underpinned by higher iron ore prices.

BHP Group (BHP) and Fortescue Metals Group (FMG) rose up to 2.6%.

Mining giant Rio Tinto Ltd (RIO) jumped 1.7% after saying it will partner with Canada's First Quantum Minerals Ltd FM.TO to develop the La Granja copper project in Peru.

Gold stocks .AXGD also notched gains, helped by a jump in bullion prices. Shares of Northern Star (NST) and Newcrest Mining (NCM) rose 2.2% and 1.7%, respectively.

Shares in HMC Capital (HMC) fell 2.7% on returning to trade after the asset manager said it will buy 11 private hospitals from U.S.-based Medical Properties Trust MPW.N for A$1.20 billion ($802.08 million).

Meanwhile, technology shares .AXIJ tracked overnight gains on Wall Street. ASX-listed shares of Block Inc (SQ2) and Xero (XRO) rose 3.5% and 1%, respectively.

Healthcare stocks .AXHJ and real estate companies .AXRE added between 0.3% and 0.7%.

Financials .AXFJ also gained, with Commonwealth Bank of Australia inching 0.2% higher.

Investors now eye the Reserve Bank of Australia's (RBA) policy meeting next week. The Commonwealth Bank of Australia (CBA) expects the central bank to pause rate hikes.

New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.4% to 11,881.4 points.