The benchmark S&P-ASX 200 index was up 10.2 points, or 0.22%, at 4749.2 while the broader All Ordinaries rose 8.2 points, or 0.17%, to 4767.8.
Among the big players, BHP Billiton advanced 25c or 0.62% to $40.85, and Rio Tinto reached a high of $73.49 and a low of $71.72 to close at $72.60, exactly the same price as yesterday.
In gold stocks, Lihir added 4c to $3.56, Newcrest Mining gained 55c to $36.01, Sino Gold was 5c lower to $8.04 and Newmont Mining fell 1c to $5.63.
RBS Morgans private client adviser Bill Bishop told the Dow Jones newswire the market had picked up moderately after US stocks fell overnight.
"It's mildly positive, the banks and resources have both gone ahead," he said. "Broadly speaking, there's been a modest advance considering Wall Street wasn't all that exciting.
"The markets are bouncing around. They've climbed up the cliff, had a look around and don't know whether to keep climbing or fall over backwards."
Bishop said resource stocks continued to strengthen on the back of a weak US dollar and higher gold prices.
The base metals, apart from zinc, all stabilised on the London Metal Exchange overnight.
Nickel inched up 1.48% to $US17,091 per tonne, copper was 0.74% higher at $6855.5/t and lead gained 0.7% to $2381.5/t.
Zinc fell 0.69% to $2220.5/t.
The price of spot gold was slightly lower after losing 0.39% to $1140.7 per ounce.
In other mining news, Sabre Resources saw a significant jump in share price after announcing geophysical programs have kicked off at its flagship Ongava multi-element project in Namibia.
The Perth-based junior explorer jumped 10.5c, or 27.27%, to 49c today on news the company has begun a geophysical survey at the Kaskara copper-lead zinc prospect and a trial survey at the Border zinc-lead deposit.
Shares in IronClad Mining were also on the move after the iron ore hopeful signed a cargo logistics proposal with Flinders Ports over the export of 2 million tonnes of iron ore per annum produced from its Wilcherry Hill project.
IronClad shares gained 10c or 15.5% to 74.5c.
The announcement by Palace Resources of a joint venture with Excalibur Mining over the Tanami tenements boosted shares more than 42%, adding 1.2c to be at 4c.
There were some other big volume movements among several juniors with Australian Mines gaining 100% with 0.1c added to the 0.2c share price, Nickelore advanced 50% after adding 1c to 3c, and likewise Mining Projects was up 50%, gaining 0.1c to be at 0.3c.
Felix Resources fell 61c during the session to $16.83.
The most traded stock of the day was Alumina with more than 31 million shares trading hands in two trades shy of 3000 trades.
