Oil and gold prices tumbled Monday on London markets as hopes of an imminent end to the war in Iraq swept across the markets following American troops struck at the heart of Baghdad.

London Brent crude prices fell sharply on hopes Iraq's supplies could soon flow again, The price of London-traded reference Brent North Sea crude oil for May delivery lost 60 cents to 24.08 dollars a barrel by mid-session, albeit off earlier lows.

Gold, which has enjoyed support as a safe haven investment during the war, fell 4 US dollars an ounce to around 319 US dollars in London.

The US-led battle to unseat Iraqi leader Saddam Hussein reached the center of his power base as marines and armored vehicles raided the presidential palace in the center of Baghdad.

(Xinhua News Agency April 8, 2003)