At 10.15am (AEDT), the benchmark S&P/ASX200 index was up 29.3 points, or 0.62 per cent, at 4758.7, while the broader All Ordinaries rose 27.9 points, or 0.58 per cent, to 4777.9.
On the Sydney Futures Exchange, the December share price index contract had gained 23 points to 4772, on volume of 5730 contracts.
The miners gained. BHP Billiton advanced 44 cents, or 1.09 per cent, to $40.94, and Rio Tinto was up 48 cents, or 0.65 per cent, at $73.88.
Gold miner Lihir gained nine cents, or 2.59 per cent, to $3.56 and rival Newcrest added 49 cents, or 1.39 per cent, to $35.73.
At 10.22am (AEDT), the spot price of gold in Sydney was $US1142.70 per fine ounce, up $US7.30 from Tuesday's closing price of $US1135.40. Earlier, it reached a record $US1143.10.
Copper was little changed in overnight trading, a day after hitting new highs.
Oil prices rose for a second consecutive day on Tuesday amid forecasts of depleting fuel stockpiles in the US, the world's largest energy consumer.
US stocks rose slightly to a 13-month high as higher commodity prices lifted energy and materials shares.
The market had zigzagged for much of the day on mixed news from retailers and on industrial production.
The Dow Jones industrial average rose 0.3 per cent to 10,437.42, the broader Standard & Poor's 500 index gained 0.1 per cent to 1,110.32, while the Nasdaq composite index added 0.3 per cent to 2,203.78.
Gas prices will continue to rise before leveling offGold prices hit new record
