Australian Stocks Slip on Rate Hike Fears; Gold Bullion Extends Losses

Australian stocks declined Thursday, driven by a "hot inflation reading" that intensified expectations for a Reserve Bank of Australia rate hike as early as next month. This sentiment led to a 0.6% fall in the S&P/ASX 200 index, with bets for a September rate hike rising to 47%. Gold stocks were among the biggest laggards, shedding 1.8% as international bullion prices continued their downward trend. This global trend of rising rate hike expectations due to inflation could exert further pressure on international gold prices, potentially influencing local rates in Pakistan.

بحوالہ / Source: www.brecorder.com