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Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
The Australian government bonds slumped on Thursday as data indicating a strengthening US economy offered a respite to weeks of market turmoil following the UK’s vote to leave the EU.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price rose more than 3 basis points to 1.900 percent and the yield on short-term 2-year note also jumped 2-1/2 basis points to 1.578 percent by 05:30 GMT.
The June ISM estimate of US national non-manufacturing conditions revealed upward pressure in the composite index reading to 56.5, higher than the market expectations for a 53.3 result, from the unrevised 52.9 reading that occurred in May. Alongside the increase seen in the headline measure, business activity increased to 59.5 in June, as compared to 55.1 reading seen in May.
Similarly, the final Markit US Service PMI measure edged higher to 51.4 for June, just above expectations for a 51.3 result, from 51.3 results seen for May and the final Markit US Composite PMI measure increased slightly to 51.2 in June versus the 50.9 reading seen for May.
Moreover, the current state of play in the election counting is Coalition with 73 seats, Labour party with 66 and Independents 5 seats (one of these just came out in support of the Coalition). On the other hand, 6 seats still too close to call and in doubt, 76 seats are needed for a majority.
Interestingly, the Bob Katter, who was elected to the House of Reps as an independent has said that he will be supporting the Prime Minister Malcolm Turnbull.
In addition, Standard and Poor's has lowered Australia’s sovereign debt ratings outlook from AAA stable to negative, citing the ambiguous outcome of the recent federal election potentially delaying fiscal consolidation, although it affirmed the strength of the economy broadly.
On Tuesday, the Reserve Bank has left rates on hold at their current all-time low at 1.75 percent, as the central bank waits for a crucial update on inflation due out on July 27.
Meanwhile, the benchmark Australia's S&P/ASX 200 index was trading uo 0.03 percent, or 2.5 points, at 5,188.5 by 05:30 GMT.
