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CIBC to appeal against $848 mln fine

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Shares of gold miners rise 1.6%

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Energy shares drop on demand worries for oil

Jan 4 (Reuters) - Canada's main stock index rose for the second straight session on Wednesday on gains in gold miners, while investors awaited minutes from the U.S. Federal Reserve's last policy meeting for clues on the rate hike path.

At 10:17 a.m. ET (1517 GMT), the Toronto Stock Exchange's S&P/TSX composite index edged up 0.17%.

Gold miners rallied for a second day, up 1.6%, as spot gold prices hit a seven-month peak.

The energy sector, however, capped gains on the index, sliding 1.2% as concerns over weakening global demand weighed on crude prices.

"Oil dropped in a quick heartbeat. While that's probably very good long term for the world economy, it's not necessarily good for the Toronto Stock market, which has got a large proportion of oil and gas stocks that were the stalwarts in 2022," said Barry Schwartz, portfolio manager at Baskin Financial Services.

In 2022, Canada's benchmark index logged its first annual decline since 2018, shedding 8.4% due to the fallout of Russia-Ukraine war, rising interest rates and recession worries.

Investors are also keeping a close eye on minutes from the U.S. Federal Reserve's December policy meeting for clues on the outlook for interest rate hikes in the world's largest economy. Among individual stocks, Canadian Imperial Bank of Commerce added 0.6% after the lender planned to appeal a New York judge's order to pay $848 million in damages to private equity firm Cerberus Capital Management in a contract dispute tied to the 2008 global financial crisis. (Reporting by Shristi Achar A and Johann M Cherian in Bengaluru; Editing by Arun Koyyur)