Breaking Market Updates present a daily selection of the most important financial news stories from around the globe, with a specific focus on the precious metals and stock markets. To view Breaking Market Updates Archives, click here.

July 25: Gold rebounds in N.Y. as dollar falls vs. euro

Source: Bloomberg

New York -- Gold rebounded from the lowest in a month as the dollar weakened against the euro, boosting the appeal of the precious metal as an alternative investment. Silver declined. The dollar fell as much as 0.5 percent against the 15- nation currency after rallying 1.5 percent in the previous three sessions. Gold, priced in dollars, generally moves in the opposite direction of the greenback. The metal reached a record $1,033.90 an ounce in March as the dollar headed to an all-time low of $1.6038 per euro on July 15.

``The dollar rally already seems to be running out of steam -- again,'' said Adrian Day, president of Adrian Day's Asset Management in Annapolis, Maryland. ``That should keep support under gold.'' See full story.

July 24: Gold ends marginally lower, as dollar gains

Source: Marketwatch

New York -- Gold futures finished marginally lower Thursday, as the U.S. dollar continued to gain against most other major currencies, putting pressure on demand for the precious metal. Gold for August delivery ended down 50 cents at $922.30 an ounce on the New York Mercantile Exchange. The contract has tumbled more than $40 since Tuesday.

Ongoing dollar strength is putting some pressure on dollar-denominated gold. The dollar extended gains on the euro after worrying euro-zone data, but slipped against the yen as U.S. stocks sagged. "While gold has suffered strong selling in recent sessions, it is only working off an overbought position, and a correction and consolidation is healthy and normal," Mark O'Byrne, executive director at Gold and Silver Investments Ltd., wrote in a research note. "This looks likely to be the last such sell-off prior to a strong rally into the autumn, as is typical," he said. See full story.

July 23: Gold ends sharply lower as oil falls, dollar gains

Source: Marketwatch

New York -- Gold futures dropped sharply Wednesday, as falling crude-oil prices and a firmer U.S. dollar weighed on demand for the precious metal. Gold for August delivery dropped $25.70 to end at $922.80 an ounce on the New York Mercantile Exchange.

"We seem to be in the midst of a large-scale commodities sell-off," said Zachary Oxman, a senior trader at Wisdom Financial. "Moves down in oil and grains and moves up in the dollar seem to be pushing gold extremely lower here," Oxman said. "The stock market is catching a solid bid, and it feels much like early in February/March when we saw this very thing." See full story.

July 22: Gold falls sharply on oil drop, dollar strength

Source: Marketwatch

New York -- Gold futures fell 1.6% on Tuesday, as U.S. dollar strength and a sharp fall in oil futures prompted traders to sell the precious metal. Gold for August delivery dropped $15.20 to end at $948.50 an ounce on the New York Mercantile Exchange. The metal earlier hit an intraday low of $944.50 an ounce.

The dollar got a lift Tuesday from a Federal Reserve official's implication that U.S. interest rates should go higher, and extended gains as crude-oil futures sank and Wall Street recovered from early lows. The dollar index, a measure of the greenback against a trade-weighted basket of currencies, rose 0.9% to 72.49. Philadelphia Federal Reserve Bank President Charles Plosser said Tuesday that very accommodative monetary policy needs to be reversed and the rate hikes will need to begin soon. See full story.

July 21: Gold futures rise as crude oil climbs

Source: Marketwatch

New York -- Gold futures finished higher Monday, getting a boost from rising oil prices and modest weakness of the U.S. dollar. Gold for August delivery rose $5.70 to end at $963.70 an ounce on the New York Mercantile Exchange. Earlier, gold hit an intraday high of $966.50 an ounce.

"I think the market was a bit oversold last week and it seems [that] for lack of a better trade today, gold seems to be catching a small bid," said Zachary Oxman, a senior trader at Wisdom Financial. On Friday, gold dropped $12.70 to end at $958 an ounce. It posted a weekly decline of $2.60. Crude futures rose Monday for the first time in five sessions, rebounding from last week's biggest weekly losses, after multilateral talks over Iran's controversial nuclear program didn't yield progress and as Tropical Storm Dolly headed toward the western Gulf of Mexico. See full story.

July 18: Gold futures fall more than 1% as dollar gains

Source: Marketwatch

New York -- Gold futures fell more than 1% Friday, as gains in the U.S. dollar encouraged traders to sell the precious metal. Gold for August delivery dropped $12.70 to end at $958 an ounce on the New York Mercantile Exchange. Earlier, the contract fell to an intraday low of $950 an ounce. "Precious metals saw end-of-week profit-taking," said analysts at Sucden Research.

Gold was little changed on the week; it posted a weekly decline of $2.60 from last Friday's closing level of $960.60 an ounce. "Oil and dollar fluctuation will continue to lend direction to the precious metal in the coming sessions, with the metal vulnerable to bouts of profit-taking," said James Moore, an analyst at TheBullionDesk.com, in a research note. "The background noise of inflation/recession and nervous financial markets still paints a bullish picture for gold in the mid-to-longer term," Moore said. See full story.

July 17: Gold futures rise on higher oil, lower dollar

Source: Marketwatch

New York -- Gold futures gained 1% Thursday, as weakness in the U.S. dollar and rising oil prices boosted demand for the precious metal. Gold for August delivery rose $12.30 to $975 an ounce on the New York Mercantile Exchange. The metal reversed earlier losses after hitting an intraday low of $953.50 an ounce.

"The dollar will remain at the center of attention today -- rumors of sovereign wealth funds reducing their greenback holdings is keeping the currency's would-be buyers sidelined, as are ongoing financial system difficulties," said Jon Nadler, senior analyst at Kitco Bullion Dealers. The dollar gained on the yen Thursday, but slipped against most other rivals, as ongoing jitters about the global financial sector continued to cast a cloud over the U.S. unit. The dollar index, which measures the buck against a trade-weighted basket of currencies, fell 0.3% to 71.87. See full story.

July 16: Gold futures fall as oil slides, dollar rebounds

Source: MarketWatch

New York -- Gold futures ended sharply lower Wednesday, as a steep drop in crude-oil prices and a rebound in the U.S. dollar put the precious metal under heavy selling pressure. Gold for August delivery fell $16 to end at $962.70 an ounce on the New York Mercantile Exchange. Earlier, the contract hit an intraday low of $959 an ounce.

"While the need for cash prompts some investor liquidation in the short term, we expect the backdrop of geopolitical concerns and financial market jitters to limit price weakness, with the metal well-placed to challenge above $1,000 an ounce," said James Moore, an analyst at TheBullionDesk.com. Also on the Nymex, September silver fell 21 cents to $18.81 an ounce, and October platinum futures fell $43.50 to $1,938.40 an ounce. See full story.

July 15: Gold futures tilt higher as crude oil tumbles

Source: Marketwatch

New York -- Gold futures ended up 0.5%, but well below their intraday high as a tumble in crude-oil futures put pressure on demand for the precious metal. Gold for August delivery gained $5 to end at $978.70 an ounce on the New York Mercantile Exchange. Earlier, gold rose to an intraday high of $988.60 an ounce and fell to an intraday low of $969.30.

The decline "off the intraday high in gold was a result of the massive liquidation that was going on in the crude-oil market," said Burton Schlichter, director of trading at New World Trading. "Crude oil this morning is feeling the ill effects of the equities markets around the globe," he said. Crude futures fell more than $9 a barrel in a midday reversal Tuesday, the biggest daily drop in more than 17 years, as concerns that slowing economic growth will dampen oil demand triggered a broad sell-off in energy commodities. See full story.

July 14: Gold climbs for fourth straight tession on Iranian tensions

Source: Bloomberg

New York -- Gold rose for the fourth straight session on heightened speculation that the U.S. or Israel is preparing to attack Iran, boosting demand for the metal as a haven. Silver also gained. Israeli warplanes held maneuvers over Iraq, possibly preparing for a strike against Iran, the Jerusalem Post reported on July 11. Israel denied the report. Gold jumped 2.9 percent last week after Iran tested missiles, including one with the range to reach Israel.

``Rumors of Israel attacking Iran is not a good or stable situation, and that's going to help gold prices,'' said Matthew Zeman, a trader at LaSalle Futures Group in Chicago. ``People are turning to gold now as a safe-haven buy.'' Gold futures for August delivery gained $8.60, or 0.9 percent, to $969.20 an ounce at 11:28 a.m. on the Comex division of the New York Mercantile Exchange. The metal reached a record $1,033.90 on March 17. The price gained 4 percent in the previous three sessions. Before today, the metal climbed 15 percent this year. See full story.

July 11: Gold jumps as record oil, slumping equities spur haven demand

Source: Bloomberg

Seattle -- Gold rose to the highest since March as record energy costs and slumping equities spurred demand for the metal as a haven. Silver also gained. Crude-oil futures rose to a record $146.90 a barrel on speculation Israel may attack Iran, leading to a disruption in Persian Gulf petroleum shipments. The Standard & Poor's 500 Index is headed for the sixth straight weekly loss after turning into a bear market. Gold reached a record $1,033.90 an ounce on March 17.

``You've got the fear factor now, and people are going back to gold,'' said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. ``The U.S. economy is falling apart, and there's no reason for equities to move higher. The Iran situation seems to be escalating. The commodity run will continue.'' Gold futures for August delivery climbed $20.10, or 2.1 percent, to $962.10 an ounce at 9:15 a.m. on the Comex division of the New York Mercantile Exchange. Earlier, the price reached $963.60, the highest for a most-active contract since March 19. Silver futures for September delivery rose 33 cents, or 1.8 percent, to $18.65 an ounce. See full story.