Feb 2 (Reuters) - Australian shares slipped on Monday to their lowest in nearly two weeks, as heavily weighted miners came under pressure from declines in base and precious metals prices, while investors awaited the central bank's policy decision later this week.

The S&P/ASX 200 index .AXJO fell 0.7% to 8,811.10 by 2323 GMT, hitting its lowest level since January 22. The benchmark closed 0.7% lower on Friday.

The resources sub-index .AXMM was the major laggard on the main index with a 4.8% drop, after copper prices fell on Friday, iron ore struggled for direction and a rally in precious metals lost steam. MET/L IRONORE/ GOL/

Miners rose 9.7% in January, underpinning the main index's 1.8% surge. On Monday, BHP BHP.AX was on track for its largest single-day fall in three weeks, while Rio Tinto RIO.AX hit its lowest since January 23.

Among gold miners .AXGD, Northern Star Resources NST.AX was on course for its weakest session in 10 months, while Evolution Mining EVN.AX fell to its lowest since January 20.

Energy stocks .AXEJ lost 1.7% as oil prices fell over $1 after U.S. President Donald Trump said over the weekend that Iran was "seriously talking" with Washington. Index leaders Woodside Energy WDS.AX and Santos STO.AX declined 0.4% and 0.5%, respectively. O/R

Technology stocks .AXIJ added to the benchmark's losses, falling in parallel with the tech-heavy Nasdaq Composite's declines on Friday. .N

Financials .AXFJ were an outlier to advance 1.2%, kicking off the month on a strong footing after a 1.4% fall in January. The "big four" banks gained between 1.2% and 1.8%.

Data released last Wednesday showed that the country's underlying inflation ran at a faster-than-expected pace in the December quarter, adding to a recent slew of hot economic data that has raised expectations for a rate hike at the central bank's monetary policy meeting on Tuesday. 0#AUDIRPR

While higher-for-longer interest rates are beneficial for banks' profitability, they can potentially pressure borrowers' mortgage-paying capacity.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 declined 0.4% to 13,372.22.

(Reporting by Nikita Maria Jino in Bengaluru; Editing by Subhranshu Sahu)

((Nikita.Jino@thomsonreuters.com;))

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