Australian shares set to open higher, NZ inches up

Dec 12 (Reuters) - Australian shares were set to open higher on Friday, with local gold stocks expected to clock gains for a third consecutive session after the U.S. Federal Reserve's quarter-point rate cut boosted bullion prices.

The local share price index futures YAPcm1 rose 1%, an 87-point premium to the underlying S&P/ASX 200 index .AXJO close. The benchmark ended 0.2% higher on Thursday.

New Zealand's benchmark S&P/NZX 50 index .NZ50 inched 0.1% higher in early trade.

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