Australian shares edge higher with Fed policy decision in focus

April 30 (Reuters) - Australian shares edged higher on Tuesday, supported by miners, while investors await the Federal Reserve's policy meeting due this week to gain a clearer insight on the U.S. central bank's interest rate trajectory.

The S&P/ASX 200 index was up 0.2% at 7648.70 points, as of 0050 GMT. The benchmark ended 0.8% higher on Monday.

The U.S. Fed is expected to change interest rates at its two-day policy meeting that will start later in the day, although the focus is on the central bank's rate outlook.

Recent U.S. economic data prompted investors to raise expectations of an interest rate cut only after September.

In Australia, investors gauged March retail sales that unexpectedly fell 0.2% month-on-month as cautious consumers pulled back spending amid elevated costs of living.

Australian metals and mining index led gains with a nearly 1% jump, with mining giants BHP Group and Rio Tinto rising 0.9% and 0.1%, respectively, while Fortescue was up 1.5%.

Gold stocks advanced 0.2% as greenback-priced bullion rose on a weaker U.S. dollar.

Energy stocks fell 0.2%, tracking a decline in oil prices as Israel ceasefire talks in Cairo tempered fears of a wider Middle East conflict.

Sector majors Woodside Energy and Santos fell 0.1% and 0.6%, respectively.

Shares of Origin Energy traded 0.2% lower even after the energy producer reported a 7% sequential increase in third-quarter revenue from its stake in the Australia Pacific LNG (APLNG) project on Tuesday.

Ampol fell as much as 5%, hitting its lowest level since Feb. 14, after the energy provider reported an over 7% fall in quarterly output from its Lytton refinery in Queensland.

New Zealand's benchmark S&P/NZX 50 index was down 0.1% at 11903.90 points.

(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Sherry Jacob-Phillips)

((Adwitiya.Srivastava@thomsonreuters.com))

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