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 29: Gold gains as prices near 3-month low spur demand

Source: Bloomberg

New York -- Gold gained for a second day in New York on speculation prices near a three-month low will spur increased physical and investment demand. The metal slid yesterday to the lowest level since May 5. European equities this week climbed to a 12-week high, while the euro today rose to the highest level since May 10 against the dollar. Gold and the greenback usually move inversely. Bullion holdings in the world’s biggest exchange-traded fund yesterday dropped the most in more than two years.

“Gold has gained ground on a mix of physical and investment bargain-hunting,” said James Moore, an analyst at TheBullionDesk.com in London. “Given the reduction in speculative/investment stale longs in recent weeks, and with technical indicators nearing oversold, investors may view current levels as a good buying opportunity.” Gold futures for December delivery added as much as $9.60, or 0.8 percent, to $1,172 an ounce on the Comex in New York and were at $1,165.50 at 8:12 a.m. local time. Prices fell as low as $1,159.30 yesterday. The metal for immediate delivery in London was little changed at $1,163.10. Bullion rose to $1,166 an ounce in the morning “fixing” in London, used by some mining companies to sell output, from $1,157 at yesterday’s afternoon fixing. The 14-day relative- strength index for futures was at 36.06. Some analysts view a level of 30 as a signal that prices may be set to gain. See full story.

July 28: Gold edges higher as bargain hunters come in

Source: Marketwatch

New York -- Gold staged a muted comeback Wednesday as the previous session's three-month low enticed a few bottom fishers. Gold for August delivery added $2.40, or 0.2%, to $1,160.40 an ounce on the New York Mercantile Exchange. The contract hit an intraday high of $1,165 an ounce, according to FactSet Research. Tuesday's lows caused technical damage and it may be a while before gold adds gains in any meaningful way, said Matt Zeman, a trader with LaSalle Futures Group in Chicago.

Bargain hunters came out to snap gold at prices last seen in April, but markets were still quiet. Open interest, or the number of active contracts, for gold futures fell to around 95,000 on Wednesday from the roughly 250,000 just a week ago. Gold lost 2.1% on Tuesday to settle at $1,158 an ounce, its lowest price since April 26. Meanwhile, an unexpected decline in June durable-goods orders hit silver, the only metal to post losses on Wednesday. See full story.

July 27: Gold falls 2%, settling at three-month lows

Source: Marketwatch

New York -- Gold futures settled at a three-month low Tuesday, routed as they slid below a key support level early in the trading session and a wave of selling ensued. Gold for August delivery lost $25.10, or 2.1%, to $1,158 an ounce on the New York Mercantile Exchange. It was gold's lowest level since April 26 and its biggest one-day decline since July 1. It also marks a decrease of 8% from gold's record high of $1,258.30 set June 18. Gold started out the session in the black, supported by a softer U.S. dollar. But selling momentum took over the gold market as the U.S. currency found firmer footing and two largely negative macroeconomic reports failed to spark safe-haven buying.

Home prices rose for a second month in May, the Case-Shiller index showed, but this doesn't indicate a sustained recovery in the housing market, the index preparers said. Consumer confidence fell in July on concerns about jobs and business conditions. See more on the Conference Board's latest confidence survey. See more on the S&P/Case-Shiller data on home prices in 20 U.S. metropolitan areas. The reports failed to spur safety buying because investors were zeroing in on gold's technical position rather than macroeconomics, said Bill O'Neill, a principal at Logic Advisors in New Jersey. As gold broke below $1,175 an ounce, it triggered sell-stop orders -- automatic selling once prices hit a level previously determined by investors -- that intensified the fall, O'Neill said. See full story.

July 26: Gold ends lower; copper rises to two-month high

Source: Marketwatch

New York -- Gold prices settled modestly lower Monday, unable to drum up much interest, as a jump in sales of new homes took off some of gold's shine as a safety buy and sent copper soaring to a two-month high. Gold futures for August delivery fell $4.70, or 0.4%, to $1,183.10 an ounce on the Comex division of the New York Mercantile Exchange.

September copper added 4 cents, or 1.2%, to $3.22 a pound, the red metal's highest close since mid-May. Copper is heavily used in construction wiring and benefitted from the new-home-sales news. For gold, however, there was no such boost. "There's a feeling that for now things are pretty stable," said Stephen Platt, a commodity analyst with Archer Financial Services in Chicago. "Gold's lacking a real solid buying interest." See full story.

July 23: Bullion buyers bank on gold coins

Source: Marketwatch

New York -- Apart from a New York City phone book listing, gold dealer Manfra, Tordella & Brookes, Inc. does no advertising. Lights are on all day because the shop sits in a basement. Yet MTB, as the firm is known, has never been busier. Every day, people find their way to the Manhattan store with one thing in mind: getting their hands on gold bullion coins, as soon as possible and as much as possible, before the financial Armageddon they fear renders the dollars in their pockets worthless.

Welcome to the world of bullion coin investing, a business that has soared alongside the popularity of gold despite its disadvantages. The world's thirst for gold coins has risen more than sovereign government mints can quench it, with demand on track this year to outpace 2009, itself a record. The coin craze is part of gold's growing investment allure, based on fears of currency debasement, inflation, a debt debacle in Europe, and rising debt levels in the U.S. See full story.

July 22: Gold reverses and moves up as bargain hunters step in

Source: Marketwatch

San Francisco -- Gold staged a comeback Thursday, posting gains after bottom fishers came in to snap up the metal at bargain prices and as other commodities rallied on enthusiasm about U.S. corporate earnings. Gold futures for August delivery added $3.80, or 0.3%, to $1,195.60 an ounce in electronic trade on the New York Mercantile Exchange. Prices had hit an intraday low of $1,180.70 an ounce, according to FactSet Research.

"Gold is putting up a meek performance today, considering that other commodities are rallying," said James Cordier, a portfolio manager at OptionSellers.com in Tampa, Fla. "Today would be a classic day for gold to go up, and it is facing some headwinds here." Gold has closed under the key psychological $1,200 mark for five consecutive sessions. Headwinds include lack of data showings signs of inflation, and the likely increase in production that may come with the recent higher prices. See full story.

July 21: Gold futures end flat; copper rallies 3%, steals spotlight

Source: Marketwatch

New York -- Gold futures settled virtually unchanged Wednesday amid light volume. Copper, however, rose 3%, the red metal's biggest one-day increase since mid-June. Gold futures for August delivery rose a dime to $1,191.80 an ounce on the Comex division of the New York Mercantile Exchange. September copper added 10 cents to $3.09 a pound. Gold had dipped in the red earlier, and has spent most of the week trading within a close range and unable to rise above $1,200 for the past four sessions.

Futures closed 0.8% higher on Tuesday, rebounding after ending at its weakest close since May 21. Wednesday's range-bound trading was to be expected following Tuesday's reversal, said Scott Meyers, a senior trading analyst with Pioneer Futures division of MF Global. "We see a little bit of follow-through to the upside, but with very little volume," Meyers said. "It's meandering [ahead of Bernanke's testimony]; you got to wait to see how this whole thing will play out." See full story.

July 20: Gold futures close higher, rebounding from two-month low

Source: Marketwatch

New York -- Gold futures closed higher Tuesday as bargain hunters snapped up prices at two-month lows, with gains limited by increased investor focus on the risks of deflation. Gold for August delivery added $9.80, or 0.8%, to $1,191.70 an ounce on the Comex division of the New York Mercantile Exchange.

"There are still a lot of bottom-fishers in the market," said Frank Lesh, broker and analyst at FuturePath Trading in Chicago. Gold had ended below $1,182 an ounce on Monday, the weakest close for a most-active contract since May 21. Interest in gold had fallen in recent sessions alongside diminished concerns over debt problems in Europe, as underscored by Ireland's successful sale of government bonds Tuesday. Spain and Greece also auctioned off Treasury bills Tuesday, further bolstering investor confidence in European sovereigns. See full story.

July 19: Gold falls as inflation, growth worries move to backburner

Source: Marketwatch

New York -- Gold closed below $1,182 an ounce Monday, extending last week's drop, as retreating fears about inflation and the risks to global growth cooled demand for safe-haven assets. Gold for August delivery ended the New York floor session down $6.30, or 0.5%, to $1,181.9 an ounce on the Comex division of the New York Mercantile Exchange -- the lowest close for a most-active contract since May 21, according to FactSet Research. The SPDR Gold Trust's shares were off 0.9%. Analysts said gold was responding to moves in equity markets, which have been sensitive to daily shifts in sentiment about whether the U.S. is headed for a double-dip recession.

Renewed optimism about global growth, combined with recent data showing little immediate worry about inflation, weighed on bullion Monday. "After gold went so high, where do we go from there? People started selling off as fears eased. Previously it was an inflation play," said Dan Cook, senior market analyst at IG Markets. "Gold will probably track equity as we move forward into the week, although it's been kind of a technical trade now," he said. See full story.

July 16: Gold slides 1.7%, lowest closing level since May

Source: Marketwatch

New York -- Gold futures fell hard Friday, tracking other assets after a drop in consumer sentiment battered stocks and a report showing benign inflation for June offset gold buying on inflation fears. Gold for August delivery lost $20.10, or 1.7%, to $1,188.20 an ounce on the Comex division of the New York Mercantile Exchange. It was gold's largest one-day drop since July 1, and the lowest settlement price since May 21. "We are seeing a positive correlation between gold and equities," said Adam Klopfenstein, senior market strategist at Lind-Waldock.

Gold lost 1.8% on the week, its third weekly loss in four weeks. Bullion eked out a 0.2% gain last week, but lost on the previous two. Silver lost 1.6% on the week. The settlement below $1,190 brought gold to the bottom of its recent trading range. Gold has traded sideways for the past two weeks. "Today you have a selloff, but if you look at it closely it doesn't have too much to do with gold" but is more of a pan-market selloff, said Jeffrey Christian, managing director at CPM Group in New York City. See full story.