Mining rebound helps Australian shares creep higher

After cautious morning trade and several sessions of de-risking ahead of a key US interest rate decision, the greenback eased as US bond yields backed off multi-year highs, supporting recently under-pressure copper and gold prices.

BHP notched its first positive session in a week to reclaim the $60 per share level, while the local gold sub-index rebounded 1.4 per cent as the precious metal firmed to $US4,327 ($A6,067) an ounce.

The Australian dollar is buying 71.32 US cents, up from 71.19 US cents on Tuesday at 5pm.