RPT-GLOBAL MARKETS-Dlr edges down, Asia stocks up before Fed

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* Dollar down after hitting one-month high, eyes on Fed

* Asian stocks edge up as Seoul boosted by bank results

* Oil edges lower after Tuesday surge; gold down

By Elaine Lies

TOKYO, Nov 4 (Reuters) - The dollar lost ground on Wednesday after hitting a one-month high against a basket of currencies, while Asian stocks edged higher in muted trade ahead of central bank meetings that kept investors wary.

Oil fell for the first time in three days after a 2 percent surge on Tuesday and gold eased after hitting a record high, but the afterglow helped boost resource-linked shares.

Most investors turned their attention to the U.S. Federal Reserve, which ends its two-day meeting on Wednesday. While it is expected to keep interest rates unchanged, some in the market wonder if it might drop or alter its pledge to keep rates low for an "extended period". [nFEDAHEAD]

"There is some speculation that they will soften their reference to 'extended period' and I agree that they'll have to do that soonish, yet I am not convinced they will do it at this meeting," said Adam Carr, senior economist at ICAP.

"It's the ongoing risk though and there is clearly a very vigorous debate occurring at the Fed," he added.

The dollar lost 0.1 percent to 76.336 against a basket of currencies .DXY after climbing as far as 76.817, its highest since early October, while the Aussie fell after Australia's September retail sales were much weaker than expected. [ID:nSYD529174]

The greenback also lost 0.1 percent against the yen JPY=

Stock markets gained, although rises were muted as investors awaited clues to the timing of eventual shifts in central banks' policies.

Australian shares edged up 0.1 percent as mining shares climbed, while Seoul stocks rose nearly 1 percent on the back of robust quarterly earnings by Shinhan Financial Group (SHG.N) and Korea Exchange Bank (004940.KS).

The MSCI index of Asia Pacific stocks outside Japan .MIAPJ0000PUS rose 0.8 percent.

Japan's Nikkei was flat, with the market supported after U.S. indicators such as the factory gauge from the Institute for Supply Management pointed to a brisk pace of growth in the fourth quarter. But a lack of direction prior to the central bank meetings kept gains capped.