Jan 3 (Reuters) - Futures tied to Canada's resources-heavy main stock index dipped on Wednesday as most metal prices declined on a stronger dollar, while investors braced for more U.S. data that could offer clues on the Federal Reserve's policy path.

March futures on the S&P/TSX index were down 0.5% at 7:24 a.m. ET (1224 GMT). Wall Street index futures were also lower amid a resurgence in government bond yields.

Oil prices were steady, while a firmer U.S. dollar and soft China demand pushed copper prices to a two-week low. Gold prices slipped to a one-week low, while other precious metals fell as well.

Prices of other base metals were mixed, though iron ore futures rose for the second consecutive session.

On the data front, U.S. Institute for Supply Management's December manufacturing activity survey and U.S. November job openings are due later in the day.

Global markets had rallied towards the end of 2023 on growing bets that major central banks, including the Fed and the Bank of Canada (BoC), could consider interest rate cuts this year.

Minutes of the Fed's December meeting, where policymakers hinted at potential rate cuts, are scheduled for release at 2 p.m. ET.

For the BoC, market participants are pricing in a more than 38% chance that the central bank would start reducing lending rates by at least 25 basis points by March.

Canadian equities did not have a stellar start to the year, with the Toronto Stock Exchange's S&P/TSX composite index logging a 0.4% decline, with technology and financial shares leading losses.

On the companies front, brokerage TD Securities upgraded communications firm BCE's shares to "buy" from "hold".

COMMODITIES AT 7:24 a.m. ET

Gold futures: $2,052.8; -1.0%

US crude: $70.44; +0.1%

Brent crude: $76.09; +0.3% ($1= C$1.3343) (Reporting by Shashwat Chauhan and Purvi Agarwal in Bengaluru; Editing by Shounak Dasgupta)