What the experts are saying

Commenting on the record run for the ASX 200, Sean Sequeira, chief investment officer at Australian Eagle Asset Management, said (quoted by The Australian Financial Review), "The rally is focused on miners today, so that's an indication of a cyclical upswing and more comfort with the outlook for the global economy."

Indeed, the BHP Group Ltd $BHP Group Ltd(BHP.AU)$ share price is up 1.7% in morning trade, with Rio Tinto Ltd $Rio Tinto Ltd(RIO.AU)$ shares up 1.5% and Fortescue Metals Group Ltd (ASX: FMG) gaining 1.2%.

"The banks' rally had taken a lot of the money flow from some of the more stapled earnings stocks, and now the market might be rotating into these cyclical businesses," Sequeira added.

Ongoing strength in physical gold markets is also supporting the market.

The S&P/ASX All Ordinaries Gold Index– which also contains some smaller miners outside of the ASX 200 – is up 2.5% at the time of writing.

"A rising gold price suggests the market expects further falls in inflation should support the central banks move to cut rates later this year. Safe haven demand also remains strong," Australia and New Zealand Banking Group Ltd $ANZ Group Holdings Ltd(ANZ.AU)$ analysts noted.