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By Adwitiya Srivastava

Oct 23 (Reuters) - Australian shares inched higher on Wednesday, lifted by gains in mining and consumer stocks, while QBE Insurance - the country's top insurer - fell after the domestic corporate regulator said it was suing the firm over misleading consumers on discounts for various products.

The S&P/ASX 200 index .AXJO was up0.13% to 8,216 by the endof trade. The benchmark fell 1.7% on Tuesday.

"Precious metal stocks are still holding very strong today, keeping the ASX in positive territory," said Brad Smoling, managing director at Smoling Stockbroking.

Gold miners are lifting the mining sector as gold prices stay at record highs, while consumer stocks are seeing a bounce, too, after a spate of profit booking this week, he said.

Gold miners .AXMM rose 0.9% to hit a record high as gold prices soared due to a demand for safe-haven assets, fuelled by the Middle East conflict and the upcoming U.S. election. GOL/

As a result, miners .AXMM, the second-heaviest weighted sectoral index, rose 0.4%.

Consumer stocks .AXSJ were up 1.3% on the day, with retail giants Woolworths WOW.AX up 1.6% and Coles Group COL.AX gaining 1.4%.

Financial stocks .AXFJ, the heaviest sectoralindex, gained 0.2%, adding to the upbeat mood.

Among individual stocks, QBE Insurance QBE.AX fell about 0.4% after the Australian corporate regulator said it was suing the company, alleging that it had misled more than half a million customers about discounts on various products over a five-year period.

Airline operator Qantas Airways QAN.AX jumped 3.4% to record its highest close ever, after Jefferies hiked its price target on the stock, citing benefits from low fuel prices and the prospect of a dividend payment.

New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.2% to finish the session at 12,787.6 points.

Reporting by Adwitiya Srivastava in Bengaluru; Editing by Sonia Cheema

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