Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
The Australian government bonds slumped on Monday as data indicating a strengthening US economy offered a respite to weeks of market turmoil following the UK’s vote to leave the EU.
Also, renewed confidence has helped Australian stocks to gain as investors welcomed the federal election result.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price rose nearly 3 basis points to 1.912 percent and the yield on short-term 2-year note also jumped 1-1/2 basis points to 1.612 percent by 05:10 GMT.
The June US Labor Department employment situation report revealed a considerable +287k increase in non-farm payrolls, well above market expectations for a +180k increase, as compared to the revised +11k result that occurred in May (previous was +38k).
Nevertheless, more improvement needs to be seen in order to alleviate caution on behalf of the FOMC regarding the employment outlook. However, the larger than expected June increase is likely to go a long way (though we still see the outlook for interest rates being tied to concerns abroad, at least in the medium-term).
In addition, the Australian Prime Minister Malcolm Turnbull has declared victory in the 2016 elections. Also, the PM Turnbull has secured the support of two more cross-benchers and seems likely to be able to form a coalition government. Victorian independent Cathy McGowan and Tasmanian Andrew Wilkie made the commitments, giving the Coalition 76 votes it needs to govern in minority.
Lastly, investors will remain keen to focus on the unemployment data due on July 14. Meanwhile, the benchmark Australia's S&P/ASX 200 index was trading up 0.55 percent, or 29 points, at 5,276.5 by 05:10 GMT.
