Gold prices ended sharply lower by Rs 440 per ten grams to Rs 11,685 (from the previous closing level of Rs 12,125) on the bullion market on lack of demand at higher levels along with fresh stockists offerings on the back of lower overseas advices. Silver also declined sharply in line with gold prices. Silver ready (.999 fineness) slipped by Rs 985 per kilo to end at Rs 22,640 as against Rs 23,625 previously.

Meanwhile, oil also fell toward $100 (dropped $1.55 to $100.03 a barrel) on Tuesday, extending losses from the previous session as a strengthening US dollar triggered a wide sell-off across commodity markets. Analysts feel, the dollar was helped by Swiss bank UBS and Germany’s Deutsche Bank announcement of $23 billion in additional writedowns, which showed that credit problems are not limited to the United States. Continue Reading»

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