Australia shares seen making modest gains ahead of Fed speech

SYDNEY, Oct 27 (Reuters) - Australian shares were likely to post modest gains on Monday as investors set aside caution ahead of a key statement by the U.S. Federal Reserve and follow Wall Street's best week in nearly two years. Local share price index futures were up 0.3 percent at 5422, a 19.7-point premium to the underlying S&P/ASX 200 index. The S&P/ASX 200 index rose 0.5 percent to 5,383.1 on Friday. New Zealand's benchmark NZX 50 index added 0.78 percent to 5333.83 in early trade.