Updated from 4:14 a.m. EST

NEW YORK (

TheStreet

) -- Gold prices and oil prices tumbled wildly Friday, along with stock markets across the globe, on uncertainty over Dubai's financial troubles.

Gold for December delivery fell $25.60 to $1,161.40 an ounce as of 6 a.m. EST. Its low for the session was $1,130.10 an ounce; it's session high was $1,195.

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Crude oil for January delivery tumbled $3.67 to $74.29 in electronic trading on the New York Mercantile Exchange as investors curtailed their risky bets on commodities.

Just a year after the global downturn derailed Dubai's explosive growth, the emirate is now so swamped in debt that it's asking for a six-month reprieve on paying its bills. Its main development engine, Dubai World, has said it would ask creditors for a "standstill" on paying back its $60 billion debt until at least May, news that roiled markets worldwide.

Stocks in Japan closed down 3%, while stocks in Hong Kong declined 4.8%. Stocks in Europe were posting mild losses.

The dollar was trading at 86.39 yen. The euro was at $1.4917.

-- Reported by Joseph Woelfel in New York

.

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