There Goes Gold ...

And now gold is getting in the mix.

In morning trade on Tuesday, amid what has been a turbulent day in global markets, the price of gold was tumbling.

Near 11:00 am ET, gold was down around $US1,188 an ounce, about $US30 an ounce lower than it was earlier this morning.

Among the other big decliners on Tuesday as the Russian ruble, collapsing for the second day in a row to as low as 79 against the dollar. This latest collapse in the ruble comes after the Russian central bank last night unexpectedly raised interest rates 6.5%. 

Oil was also tumbling, with WTI crude falling below $US54 a barrel and Brent crude falling below $US59. 

And so gold’s tumble was on a bit of a delay relative to some other volatile assets, but better late than never.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at