By Anil Varma Oct. 8 (Bloomberg) -- India's bonds gained for a fifth day on speculation inflation will slow as a deepening global credit crisis and cooling growth damps demand for commodities. Yields on 10-year notes fell to the lowest in more than three weeks as crude oil held below $90 a barrel. The U.S. Energy Department cut its forecasts for the commodity's price yesterday. The UBS Bloomberg Constant Maturity Commodity Index of 26 raw materials has fallen more than 30 percent from its peak in July. Inflation erodes the value of the fixed payments from bonds. The yield on the benchmark 8.24 percent note due April 2018 fell 1 basis point to 8.10 percent as of 9:51 a.m. in Mumbai, adding to the 51 basis-point decline over the past four days, according to the central bank's trading system. The price rose 0.10 per 100 rupee face amount to 100.94. A basis point is 0.01 percentage point. To contact the reporter on this story: Anil Varma in Mumbai at avarma3@bloomberg.net.

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