Oct 23 (Reuters) -Australian shares rose on Wednesday, buoyed by commodity stocks, while QBE Insurance QBE.AX fell after the country's corporate watchdog said it was taking the insurer to court over misleading pricing discounts.

The S&P/ASX 200 index .AXJO rose 0.3% to 8,227.9, as of 2333 GMT, rebounding from a more than 1.5% fall on Tuesday.

The ASX 200 benefited from a rise in commodity prices, with aluminium rising on record high raw material prices, while gold touched another peak on safe-haven demand. MET/L GOL/

Oil prices also rose 2% overnight, as traders downplayed hopes of a Middle East ceasefire and focused on signs of improving demand from China. O/R

Mining stocks .AXMM jumped 0.9%, with shares of top miners BHP Group BHP.AX and Rio Tinto RIO.AX rising 1.2% and 0.5%, respectively.

Gold stocks .AXGD climbed as much as 0.5% to hit their highest level since late July 2020. Gold miner Northern Star Resources NST.AX was largely flat but was hovering around a record high.

Energy stocks .AXEJ inched up 0.3%. Woodside Energy WDS.AX and Santos STO.AX rose 0.2% and 0.5%, respectively.

Heavyweight rate-sensitive financial stocks .AXFJ fell 0.3% as U.S. treasury yields rose amid uncertainty over U.S. election, while the interest-rate cut outlook in the country also weighed on the sub-index.

Three of the 'big four' banks retreated between 0.3% and 0.4%, while ANZ Group ANZ.AX rose 0.2%.

QBE Insurance QBE.AX retreated 0.9%, after Australia's corporate regulator said it is taking the insurance firm to court, alleging that the company misled customers around the value of discounts offered on certain general insurance products.

Technology stocks .AXIJ fell 0.5%. Wisetech Global WTC.AX, however, climbed 0.6%.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 retreated 0.3% to 12,780.41.

Reporting by John Biju in Bengaluru; Editing by Rashmi Aich

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