Sept 6 (Reuters) - Australian shares rose on Tuesday, boosted by gains in energy and mining stocks as commodity prices firmed globally, while investors also awaited the central bank's interest rate decision.

The S&P/ASX 200 index rose about 0.5% to 6,885.4 by 0055 GMT. The benchmark closed 0.3% higher on Monday.

Market participants expect the Reserve Bank of Australia to raise key policy rates by 50 basis points for the fourth consecutive time at its policy meeting at 0430 GMT, in a bid to temper red-hot inflation pressures, which had hit a two-decade high, according to a Reuters poll.

However, the poll also indicated the central bank, which has raised rates by a total of 175 basis points since May to 1.85%, could moderate the pace of hikes for the rest of the year.

"The market is pricing in a peak cash rate a bit above 3.8% by mid-2023," analysts from ANZ Research wrote, "Today's announcement will need to be on the hawkish side to get the market to price more in."

Leading gains on the benchmark index, miners rose as much as 1.5%, after iron ore prices rebounded in China despite lingering COVID-19 concerns, with the mining triumvirate of Rio Tinto, Fortescue Metals and BHP Group gaining between 0.3% and 1.8%.

Energy stocks gained 0.8%, tracking high Brent crude prices, with sector heavyweight Santos jumping 0.2%.

Domestic technology stocks climbed 1.2% higher, with index majors including accounting software firm Xero Ltd and ASX-listed shares of Block Inc rising 1.7% and 0.2%, respectively.

The financial subindex firmed about 0.1%, with National Australia Bank and Westpac gaining 0.2% and 0.1%, respectively.

In New Zealand, however, the benchmark S&P/NZX 50 index fell about 0.2% to 11,594.9.

(Reporting by Archishma Iyer in Bengaluru; Editing by Rashmi Aich)