Australia's dollar rose as employment jumped by 76,300 in June, significantly exceeding forecasts and boosting the probability of a further RBA interest rate hike. Markets now imply a 31% chance of an August hike, up from 23%, alongside rising bond yields. Surging oil prices are also intensifying inflation risks, adding pressure on the RBA to maintain a tightening bias. This global trend of rising inflation and interest rate expectations, partly driven by oil, could support international gold prices as an inflation hedge, potentially influencing local gold rates and USD/PKR stability.
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