April 4 (Reuters) - Australian shares inched higher in volatile trade on Tuesday, helped by gains in gold and energy stocks, as investors prepared for a key interest rate decision from the central bank.
Economists are split on whether the Reserve Bank of Australia (RBA) will hike or not later in the day, with 14 out of 27 economists polled by Reuters predicting the cash rate to increase by 25 basis points to 3.85%, while the rest forecast a pause.
At the last policy meeting in March, the central bank indicated it might be nearly done tightening as consumer spending was slowing and there was less risk of a wages-driven inflation blow-out.
The S&P/ASX 200 index rose 0.1% to 7,231.50 by 0029 GMT, extending gains to a seventh session. The benchmark rose 0.6% on Monday.
Gold stocks rose 2%, tracking gains in bullion prices, and were the top gainers on the benchmark index.
Sector giants Newcrest Mining and Northern Star Resources advanced between 1.6% and 1.9%.
Energy stocks added 1.2% after oil prices jumped overnight on OPEC+'s plan to cut more production.
Sector heavyweights Woodside Energy and Santos rose 0.3% and 1.3%, respectively.
Meanwhile, export-reliant miners slipped 0.3% as fears of China crackdown dampened market sentiment.
BHP Group, Rio Tinto and Fortescue Metals fell between 1.2% and 0.1%.
Among individual stocks, Energy Resources fell about 10% after announcing a discounted A$369 million entitlement offer.
New Zealand's benchmark S&P/NZX 50 index rose 0.2% to 11,863.53.
The New Zealand central bank is expected to scale back its policy tightening pace to a quarter-point rate hike at its meeting on Wednesday, according to a Reuters Poll. (Reporting by Nausheen Thusoo in Bengaluru; Editing by Subhranshu Sahu)
