IBT Staff Reporter

U.S. stocks edged off earlier gains after the Federal Reserve announced its decision to lower its benchmark interest rate by three-quarters of a percentage point in a bid to ease concerns that the US economy is slipping into a recession.

Adding to several aggressive steps to boost the economy this week, the Federal Reserve lowered its target benchmark interest rate by 0.75 percentage points to 2.25 percent. The Fed voted 8 to 2 in favor of the move citing weakening economic activity, softer labor markets, financial markets under considerable stress and a deepening housing crisis in the coming quarters.

Commodity Online MUMBAI: The dream run by the precious metal along with silver seems to have ended at least for the time being as both suffered losses at the bullion market here on Tuesday.

Commodity Online Tracking global developments, standard gold in India gained Rs 385 per 10 gm to Rs 13,495, before hitting a new peak of Rs 13,560.

Crude prices rose on Tuesday on speculation that the U.S. Federal Reserve will cut interest rates today, sending the dollar down and spurring investments into commodities.

Japan Stocks rebounded Tuesday for the first time in four trading sessions due to buybacks of plunged issues by investors.

Coffee gained on Tuesday after roasters took advantage of a two-day, 12 percent price decline to replenish stockpiles.

Soybean and corn declined on Tuesday after the falling equity markets and credit market losses prompted investment funds to raise cash by selling commodities.

The U.S. dollar gained against the yen and euro on Tuesday after American banks Goldman Sachs and Lehman Brothers reported stronger than expected profits for their latest quarters.

Commodity Online NEW DELHI: With gold prices on the rise, import of gold into India is falling. The country imported just 10 tonnes of gold in February as against 59 tonnes a year ago.

Commodity Online Indian spot gold prices hit Rs 13,495 per 10 gram in Mumbai on Monday. The international spot gold also increased by 3 per cent, touching $1,030.

By David GallandWhile almost everyone sees price inflation when it happens, few people notice the monetary inflation that is causing it.

By Julian D W PhillipsIf interest rates fall to the extent that the housing market recovers, foreclosures cease on those who hold mortgage bonds, whose rates are set to climb, are moved to a healthy zone the market will recover its confiden

Commodity Online NEW YORK: Gold futures on Monday managed a modest gain when long liquidation pressure offset much of the safe haven strength that earlier pushed it to record highs.

By Dan Denning The biggest losers will be consumers everywhere. Global monetary policy is entering a new, highly accommodating phase.

The U.S. Supreme Court on Monday accepted a bid by the Federal Communications Commission to overturn a Fox Television indecency case the agency lost in lower courts against News Corp.

Japanese Prime Minister Yasuo Fukuda has nominated former vice finance minister Koji Tanami to head up the Bank of Japan early Tuesday morning.

Sony's PlayStation 3 surpassed Microsoft's Xbox 360 last month as the videogame console sales increased by 19 percent.

Nintendo's Super Smash Bros. Brawl has sold more than 1.4 million copies in the U.S. in just one week, making it the fastest selling game in the game company's history.

U.S. Crude Oil prices dropped more than $4.0 a barrel on Monday on growing concerns about the economic outlook in the United States.

Access to YouTube in China was cut on Sunday after footages of the bloody protests in Tibet appeared on the site.

Record rise of crude oil and gold prices in global markets and growing concerns over the worsening credit crisis in the US triggered a Sensex collapse on Monday, allowing the benchmark 30-share index of the Bombay Stock Exchange (BSE) to hit a six month low and close below the psychological 15,000 level.

Television stations owned by CBS Corp announced Monday the launch of the CBS Local Ad Network, a revenue-sharing ad network that targets social media Web sites and blogs on a local basis.

Natural gas dropped on Monday as crude oil prices declined and on forecasts for mild weather that will reduce demand for the heating fuel.

Treasuries rose on Monday after the Federal Reserve moved to add liquidity to the credit and financial markets with a pair of moves over the weekend and aid for struggling investment bank Bear Stearns.

Soybeans and corn declined on Monday after falling equity markets and a credit crunch prompted investors to sell commodities to raise cash.

Japan stocks plunged over 3 percent Monday as the Yen gained strength against the dollar and soaring fears of U.S. credit turmoil.

The dollar fell to a twelve year low against the yen and recovered from a new low against the euro on Monday after the Federal Reserve's to cut its discount lending rate and JPMorgan's bargain buy of imperiled investment bank Bear Stearns Cos.

Gold futures hit a new record on Monday of nearly $1,034 an ounce before edging back down after the Federal Reserve cut the discount rate by a quarter of a percentage point after JP Morgan Chase & Co. agreed to buy the troubled investment bank, Bear Stearns.