IBT Staff Reporter

A recent spurt in gold prices seems to have dampened the zeal of India-based gold consumers as experts have expressed concern over a significant drop in gold sale on Akshaya Tithiya, a day considered to be auspicious to buy gold in India. Gold prices are on an upward rally nearing its lifetime high of USD 1240 per ounce. The spot gold in New York market stood at USD 1208 per ounce witnessing a steep rise in the past one month.

World over, copper and some other base metals have been witnessing a downfall season now following the European financial mess and China's decision to crack down on realty sector. Copper's downward journey was also witnessed in India this week with copper futures traded almost flat as worries about growing fiscal crisis in Europe hit global markets. In copper 316 remains a crucial resistance, prices might drift towards 312-310 rupees.

And you thought India is a country which loves to buy only gold. Till the beginning of the 21st century, the image of India was that almost all Indians want to buy gold as far as precious metals are concerned. But the reforms initiated by Indian Prime Minister Manmohan Singh has changed the dreams of the younger generation with many of them now eyeing other precious metals like platinum. Even diamonds have also become a favourite for young women and men.

The Supreme Court verdict in the gas row between Ambani brothers Mukesh and Anil has come as a gift for Mukesh, the Indian government and gold. Yes, apart from Mukesh Ambani and the Indian government, gold also cashed in on the crisis after the Supreme Court delivered the verdict in the RIL-RNRL dispute.

Germany's highest court said on Saturday it had rejected a request from a group of academics to block the immediate release of a German loan to Greece, allowing the financial aid to flow to debt-stricken Athens.

Financial reform legislation being debated by the Senate needs to overhaul government involvement in U.S. mortgage finance giants Fannie Mae and Freddie Mac, Senator Richard Shelby, the lead Republican on the Senate Banking Committee, said on Saturday.

Euro zone leaders decided on Friday they have special measures ready before financial markets open on Monday to prevent financial turmoil in Greece spreading to other countries such as Spain and Portugal.

A woman from New York developed a lung disease called popcorn lungs due to eating microwavable popcorns for 16 years now.

In a week of market turmoil resulting from Greece's fiscal crisis, oil went from an intraday high above $87 on Monday - its highest point in more than a year and a half - to plunge briefly below $75 on Friday. The Greek crisis, exacerbated by a still-unexplained glitch in U.S. stock trading on Thursday that saw the Dow Jones Industrial Average plunge 9% in a matter of minutes before recovering, sent financial speculators scrambling for the sidelines, liquidating their long positions.

President Barack Obama said on Friday that regulators would look for ways to prevent a repeat of Thursday's mysterious stock market meltdown, adding to expectations the U.S. government will make new regulations to curb runaway computer trading.

Warren Buffett's Berkshire Hathaway Inc on Friday reported its largest quarterly profit since 2007, helped by an improving economy, investment and derivative gains, and the takeover of Burlington Northern Santa Fe Corp.

The Group of Seven rich countries is concerned about Greece's debt problems, a Canadian official said on Friday, and hinted that there may be other countries that will also need help.

Shock waves from the stock market plunge rippled through Washington on Friday, prompting lawmakers to call for an amendment to a Wall Street reform bill that could lead to safeguards against technology glitches.

Euro zone leaders approved emergency loans for Greece on Friday and governments around the world tried to calm financial markets hit by fears that Athens' debt crisis could cause havoc in other European economies.

Stocks turned negative for the year on Friday on fears of another credit crisis stemming from Greece's souring finances and lingering questions about what triggered the previous session's dramatic plunge.

Goldman Sachs Group Inc held its longest-ever annual investor meeting on Friday, but Chief Executive Lloyd Blankfein faced few questions about civil fraud charges against the company.

American International Group Inc turned a quarterly profit after a year-ago loss as the bailed-out insurer got a boost from its investments and general insurance operations appeared to stabilize.

Employment grew at the fastest pace in four years in April as businesses ramped up hiring, suggesting the economic recovery was growing less dependent on government support.

Governments around the world tried on Friday to calm financial markets shaken by fears that Greece's debt crisis could cause difficulties for other European economies.

Countrywide Financial Corp, the mortgage lender acquired by Bank of America Corp , has agreed to a $624 million settlement of a lawsuit accusing it of misleading investors about its lending practices.

Shoe lovers in London have been glued to their mobile devices and computer screens in a race to win a pair of free Jimmy Choos.

U.S. stocks fell on Friday as continued fears of a financial meltdown stemming from Greece's debt crisis and lingering questions about what triggered the previous session's dramatic plunge discouraged investors.

Governments around the world sought on Friday to calm financial markets hit by fears that Greece's debt crisis could cause turmoil in other European economies.

U.S. stocks fell on Friday on fears of a financial meltdown stemming from the debt crisis in Greece, but trading was extremely volatile in the aftermath of Thursday's dramatic plunge, keeping investors on edge.

President Barack Obama said U.S. authorities were investigating the cause of a nearly 1,000-point plunge in the Dow Jones industrial average that spooked investors and fueled anger at Wall Street.

A British tax on bank executives' bonuses will cost two of the biggest U.S. banks a combined $1 billion.

Goldman Sachs Group Inc , accused of fraud by the U.S. government, will undertake a rigorous self-examination, its CEO Lloyd Blankfein said at the investment bank's annual shareholder meeting on Friday.

New data showing the economy added 290,000 jobs in April is the strongest sign yet the labor market is healing, but the high unemployment rate is still cause for concern, a senior Obama administration official said on Friday.

Countrywide Financial Corp, the mortgage lender acquired by Bank of America Corp , has agreed to a $624 million settlement of a lawsuit accusing it of misleading investors about its lending practices.