Australian shares climb as commodities lift gold, oil stocks ahead of key inflation data

Jan 28 (Reuters) - Australian shares advanced on Wednesday, buoyed by gains in gold and oil stocks on firmer commodity prices, while investors awaited a critical inflation report expected to guide the central bank's next monetary policy decision.

The S&P/ASX 200 index .AXJO rose 0.4% to 8,976.40 by 2335 GMT and is set for its fourth consecutive session of gains. The benchmark advanced 0.9% to hit a three-month high on Tuesday.

A robust jobs report last week has sharpened expectations of an early interest-rate hike, placing added weight on consumer price data, due later in the day, to gauge the Reserve Bank of Australia's $(RBA)$ policy path.

Markets are focused on the December-quarter trimmed-mean inflation, expected to rise 0.8%, which would lift the annual rate to 3.3%, above the RBA's 2%-3% target band.

An increase of 0.7% or less would temper the odds of a rate hike at the RBA's February 3 meeting, while a 0.9% or higher print would sharply swing the chances toward tightening, leaving a 0.8% increase to go down to the wire.

Traders are pricing in a near 60% chance of a quarter-point rise to the cash rate next week, with positions set to shift on the inflation print. 0#AUDIRPR

Energy firms .AXEJ leapt 1.4% to hit their highest since September 3 after oil futures surged. Woodside Energy WDS.AX rose 1.8% after the oil giant's $3.04 billion quarterly revenue topped Visible Alpha's $2.84 billion estimate.

Gold stocks .AXDG rose 1% after the bullion jumped to a record peak. Sub-index heavyweight Northern Star Resources NST.AX climbed as much as 2.5%.

Miners .AXMM jumped 1.3% to a second straight session of record high. Mining giants BHP BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX rose between 0.4% and 1.5%.

Financials .AXFJ edged up 0.2%, with top lender Commonwealth Bank of Australia CBA.AX advancing 0.4%.

Meanwhile, New Zealand's benchmark S&P/NZX 50 index .NZ50 inched down 0.1% to 13,499.23.

(Reporting by Kumar Tanishk in Bengaluru; Editing by Rashmi Aich)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk))