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.

November 20: Gold rises for sixth session as inflation worries continue

Source: Marketwatch

New York -- Gold futures rose Friday for a sixth straight session to a new record high, ending the week with their third weekly gain as continued worries over a weaker dollar and global inflation encouraged investors to buy gold as a safe asset. Gold for December delivery, the most actively traded contract, rose $4.90, or 0.4%, to $1,146.80 an ounce on the Comex division of the New York Mercantile Exchange. The thinly traded November contract also rose 0.4% to $1,146.40, the highest level for a Comex front-month contract.

Gold futures have made significant gains in the second half of this year as investors are worried that as the economy starts recovering, inflation levels will also rise. Benchmark gold futures contracts have soared 26% since their July low. Gold rose in 16 out of the 19 weeks since the week started July 17. "Inflation worries and recession worries bring gold buyers as low interest rates make it a good alternative to short term fixed income," said George Gero, a precious-metals trader for RBC Capital Markets. "Longer term holders are evident" as investors are buying more contracts for delivery in future months. See full story.

November 19: Gold ends slightly higher on dollar, economic data

Source: Marketwatch

New York -- Gold futures ended Thursday's trading marginally higher, as the U.S. dollar came slightly off its highs, helping offset renewed economic concerns in the U.S. and in China. Gold for December delivery, the most actively traded contract, rose 70 cents to end at $1,141.90 an ounce. The thinly traded November contract also gained 70 cents to $1,141.40 an ounce. Both contracts have risen more than 9% so far this month.

In currencies trading, the dollar rebounded against most of its rivals, with the dollar index up 0.2% at 75.298. The U.S. unit's rebound put commodities under pressure, and had also pushed gold futures lower. But as the greenback reduced its gains in afternoon trading, gold turned slightly higher. Among the latest U.S. data weighing on stocks and lifting the dollar, jobless claims rose slightly more than expected last week, and an index of leading economic indicators rose at a smaller-than-expected pace and foreclosures rose to a record. See full story.

November 18: Gold futures finish higher after passing $1,150 level

Source: Marketwatch

New York -- Gold rallied to another record high Wednesday, eclipsing $1,150 an ounce, as weakness in the dollar enhanced its investment appeal. The metal's 10-week spike is the result of "neither inflation nor geopolitical developments. The dollar-carry trade, as applied to the commodities sector, remains the suspect of choice," Jon Nadler, senior analyst at Kitco Metals Inc., wrote in a note. Gold for December delivery hit an intraday high of $1,153.40 an ounce on the Comex division of the New York Mercantile Exchange. December gold finished at $1,141.20 an ounce, up $1.80, or less than 0.1%.

Earlier Wednesday, the government reported U.S. consumer prices climbed 0.3% in October. Excluding food and energy, prices rose 0.2%. Read more about the acceleration of U.S. inflation last month. Gold traders typically look at the consumer-prices report, which tracks inflation at the retail level, for direction, in light of the impact this data have on currency markets and on gold itself. The metal's widely viewed as a hedge against inflation. See full story.

November 17: Gold ends at fresh record as dollar hovers near 15-mo. lows

Source: Marketwatch

New York -- Gold futures squeezed in some small gains by the close of trading Tuesday, with the front-month contract ending at a record high, supported by a purchase of gold by the central bank of Mauritius and as mixed U.S. economic data failed to give much of a lift to the dollar. The International Monetary Fund said late Monday that it has sold 2 metric tons of gold to Mauritius. The purchase had "at least a psychological impact," said Carsten Fritsch, analyst at Commerzbank, in a note. The move helped provide real support for the precious metal as opposed to the "predominantly short-term investors" who are "driving the current gold price rally," he said.

After trading lower for much of the session, gold for December delivery finished up 20 cents at $1,139.40 an ounce on the Comex division of the New York Mercantile Exchange. The thinly-traded November contract also gained 20 cents to end at $1,138.80 an ounce, a new record close for a front month contract. See full story.

November 16: Gold futures hit new highs as dollar weakens

Source: Marketwatch

New York -- Gold futures rose Monday, with the most active contract climbing above $1,140 an ounce, as a drop in the U.S. dollar pulled more investors into the precious metal. Other metals also rallied, receiving a boost from evidence of economic growth in the U.S. and in Japan.

Gold for December delivery rose as high as $1,140.70 an ounce. It ended up $22.50, or 2%, at $1,139.20 an ounce on the Comex division of the New York Mercantile Exchange. The thinly traded November contract climbed $22.50, or 2%, to $1,138.6 an ounce, the strongest settlement price for a Comex front-month contract. There were "huge short covering rallies in all the precious metals," said George Gero, a precious-metals trader for RBC Capital Markets. Trading patterns "signify buyers [are] interested in the long term holding of the metals as the dollar fell." See full story.

November 13: Gold futures build on gains as dollar falls back

Source: Marketwatch

New York -- Gold futures finished the session up almost 1% Friday, and gained almost 2% on the week, receiving a lift as the dollar weakened and on news that Vietnam lifted a ban on imports of the precious metal. The dollar came under renewed pressure Friday as upbeat earnings news from Walt Disney Co. helped offset a weak reading on U.S. consumer sentiment, lifting stocks on Wall Street.

Gold for December delivery rose 10 cents, or 1%, to $1,116.60 an ounce on the New York Mercantile Exchange. The contract is up about 2% so far this week. Gold earlier slipped below $1,105 an ounce on the heels of the Reuters/University of Michigan index, which showed consumer sentiment earlier this month fell to 66.0, missing expectations for a rise to 71.8. The index has now fallen for two months. See full story.

November 12: Gold ends below $1,107 an ounce

Source: Marketwatch

New York -- Gold futures fell $8 an ounce Thursday to post their first loss this month for the New York floor-session, pressured by a rebound in the U.S. dollar. Gold for December delivery fell $8, or 0.7%, to end at $1,106.6 an ounce by the end of floor trading on the New York Mercantile Exchange's Comex division. It was the contract's first loss for the official settlement this month. The tumble followed a new high by the contract of $1,123.4 an ounce, hit during the session in electronic trade. The front-month but more thinly traded November contract also lost $8 to end at $1,106 an ounce. It rose to $1,121.30 earlier, the highest level for a front-month contract.

After hitting record highs in the morning, gold sold off "as the dollar started to improve," said George Gero, a precious metals trader at RBC Capital Markets, in emailed comments. The dollar index rose 0.7% to 75.643, supported by comments by U.S. Treasury Secretary Timothy Geithner that the U.S. government's borrowing needs would be substantially less than expected. See full story.

November 11: Gold hits record near $1,120 an ounce

Source: Marketwatch

New York -- Gold finished at another record on Wednesday, after tapping a new high near $1,120 an ounce, receiving a boost from upbeat Chinese economic data and continued expectations of globally loose money. Gold for December delivery finished at a record of $1,114.60, up $12.10, or 1%, on the day at the New York Mercantile Exchange. It earlier tapped an intraday record high of $1,119.20 on Globex. The thinly traded front-month November contract finished at $1,114 an ounce.

"As long as the U.S. dollar is trending down, the gold price is unlikely to soften meaningfully," wrote analysts at Commerzbank in a note to clients. "Price declines are currently viewed as a buying opportunity," they said. "This is true for speculative investors in particular." See full story.

November 10: Gold subdued as dollar bounces off slump to 15-month low

Source: Marketwatch

New York -- Gold futures finished higher on Tuesday, as slight dollar gains failed to lift the U.S. currency far off 15-month lows, while worries about the U.K.'s credit rating lifted gold's appeal as a safe asset. Gold for December delivery gained $1.10, or 0.1%, to finish at $1,102.50 an ounce on the New York Mercantile Exchange. On Monday, the contract finished above $1,100 for the first time, after hitting an intraday record high of $1,111.70 in electronic trading.

Monday's bullish action in metals played in part off news that Group of 20 leaders over the weekend signaled continued support for stimulus measures to shore up the global economy. The dollar index, a measure of the greenback against a trade-weighted basket of rival currencies, rose to 75.035, recovering after having slumped to 74.930 on Monday -- a level last seen in August 2008. A warning from Fitch Ratings that among major economies, the U.K. is most at risk of losing its AAA sovereign credit rating, helped revive risk aversion and fueled safe-haven gains for the dollar, holding down commodity prices in turn, according to BMO Capital Markets. According to analysts at GoldCore, however, the precious metal would likely gain should such a U.K. ratings downgrade occur. "If this were to happen, sterling would lose further ground to the major currencies, prompting prudent investors to buy gold and utilize its currency hedging properties," they wrote in a note. See full story.

November 9: Gold ends above $1,100, hitting record

Source: Marketwatch

New York -- Gold futures closed above $1,100 an ounce Monday for the first time, as the dollar fell to a 15-month low and investors kept piling into bullion on expectations other central banks would buy the metal as a reserve unit. Gold for December delivery, the most active contract, climbed $5.7, or 0.5%, to $1,101.40 an ounce by the close of floor trading on the New York Mercantile Exchange's Comex division. The contract had moderated its gains as floor trading wound down. Earlier gold hit an intraday record high of $1,111.70 in electronic trading. The thinly traded November gold contract rose $5.7, or 0.5%, to $1,100.08 an ounce, a closing high for a front-month contract. It had earlier hit $1,109.3 an ounce, a fresh intraday high for a front-month contract.

"The U.S. dollar is certainly the main trigger today," said Suki Cooper, a precious-metals analyst at Barclays Capital. Yet "there's a cocktail of factors, ranging from dollar weakening to news last week that Asian central banks are buying gold." See full story.