The JSE remained in the black but was off its earlier best levels by midday on Wednesday, but miners were still offering support as gold touched another fresh high.

At midday the JSE all share index was 0.61 percent stronger, led by a 1.16 percent rise in gold miners, a 1.24 percent jump in resources and a 1.28 percent advance for platinum miners.

Banks were down 0.28 percent, financials were flat and industrials moved up 0.16 percent.

The rand was bid at 7.39 to the dollar, from 7.49 when the JSE closed on Tuesday. Gold was quoted at US$1,179.60 a troy ounce from US$1,164.32/oz at the JSE's last close, and platinum was at US$1,466.50/oz, from US$1,454/oz the bourse's previous close.

Dow Jones Newswires reported that gold is defying expectations of a pullback by making further record highs on Wednesday as commodity currencies continue to underperform and concerns of inflationary asset bubbles heighten.

The precious metal, traditionally viewed as a hedge against inflation, hit $1,179.95 a troy ounce in early European trade, building on a rally that started to gather pace a month ago.

Most actively traded Comex December gold traded up to a high of $1,180/oz in electronic trade, up $14.20/oz, or 1.2 percent on Tuesday.

A local trader said that the local market was looking a bit overbought.

"We have a global recovery taking place and there is cheap credit available in the rest of world. There is massive demand for resources and miners right now, and that has been the main driver. That's where the big action is right now," he said.

He added that the big momentum was coming from the funds flowing into the market - some 73 billion rand has been invested in the JSE by foreigners buying. And their interest is purely in miners.

There was not much by way of corporate news this morning.

Another trader noted that there is a host of US data due out later in the day and the JSE would likely tread water ahead of that.

US data due this afternoon includes October Durable Goods Orders, October Personal Spending and Income, November Consumer Sentiment and October New Home Sales.

Dow Jones Newswires reported Asian shares ended mostly higher on Wednesday after a volatile session that saw many markets change direction at least once, with Japanese stocks climbing on exporters after a strong set of trade data for October.

Chinese stocks in Shanghai and Hong Kong overcame choppiness in early trade to finish higher as investors snapped up shares that were beaten-down in Tuesday's sell-off, but banks underperformed on concerns about capital- raising.

Japan's Nikkei 225 Average rose 0.4 percent to 9,441.64 for its first higher finish in six sessions, China's Shanghai Composite rebounded 2.1 percent and the Hang Seng Index rose 0.8 percent in Hong Kong.

In London, the FTSE 100 was 0.58 percent higher.

I-Net Bridge