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July 25 (Reuters) - Australian shares were led higher on Tuesday by strength in oil and gold prices, helping snap two consecutive losing days as many investors awaited the outcome of the U.S. Federal Reserve's monetary policy meeting which begins later in the day.
The Fed is widely expected to keep interest rates unchanged at its two-day meeting that ends on Wednesday. The focus will be on any hints on whether it may raise rates again this year, and when it will begin paring its bond holdings. S&P/ASX 200 index .AXJO rose 38.53 points, or 0.68 percent, to 5,726.6 at the close of trade. The benchmark fell 0.6 percent on Monday.
Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices.
Australia's energy index .AXEJ climbed as much as 1 percent, with Santos Ltd STO.AX , Beach Energy BPT.AX and Whitehaven Coal Ltd WHC.AX adding between 0.7 percent and 0.8 percent.
Gold stocks .AXGD hit over a one-week high as gold prices rose overnight. Gold miner Newcrest Mining NCM.AX was one of the top gainers on Australia's main index, hitting its highest in more than three weeks.
New Zealand shares headed for their second straight day of gains, led by materials, telecoms and consumer staples.
The benchmark S&P/NZX 50 index .NZ50 edged up 30.77 points, or 0.401 percent, to finish at 7,713.06.
Dairy firm a2 Milk Co Ltd ATM.NZ was the top gainer on the index, up as much 3.6 percent, its biggest intraday percentage gain in two weeks.