GFMS CEO Paul Walker has predicted Gold price to touch $700 per ounce by the end of year. The reason behind this is weak outlook for the US dollar and sub-prime worries in United States. Mr. Walker further stated “The sub-prime issue is just the tip of the iceberg. It is symptomatic of a larger malaise in the system.” He was in Mumbai for fourth India International Gold Convention.

Crude oil rates returned to their former condition on Wednesday after falling below USD 70 suddenly, on rumors of Hurricane ‘Dean’ retrieving durability and distressing oil facilities in Mexico.

The storm was auspicated to flap down into the earth on late Wednesday afternoon near Laguna Verde, Mexico’s sole nuclear power plant that is freezing operations.

Yesterday, the oil and gas rates fell in the United States as worries relieved after storm Dean headed towards Mexico’s Yucatan Peninsula; and further than the U.S. energy facilities along the Gulf Coast.

As supply worries dropped off, fears about the stock market’s consequence on international demand came to the front position yet again.

For the next month delivery, light, sweet crude drop 86 cents to USD 71.12 each barrel on the NYMEX. The deal ended up from its intraday low of USD 70.05 per barrel.

European markets turned positive as it gained the highest in a year. The increase in the market was because of the US Federal Reserve cutting down the lending rates.