Parsing through XML with namespace - php

Question

I try to parse through a XML file with a difficult namespace but this does not work.
Hope you can help me with this issue.
This is my XML file which is generated from an URL:
<searchresultresponse xmlns="urn:veloconnect:catalog-1.1" xmlns:cbc="urn:oasis:names:specification:ubl:schema:xsd:CommonBasicComponents-1.0" xmlns:cac="urn:oasis:names:specification:ubl:schema:xsd:CommonAggregateComponents-1.0" xmlns:vct="urn:veloconnect:transaction-1.0" xmlns:vco="urn:veloconnect:order-1.1" xmlns:vcc="urn:veloconnect:catalog-1.1">
<vct:buyersid>417641</vct:buyersid>
<vct:responsecode>200</vct:responsecode>
<vct:transactionid>dmVsb2Nvbm5lY3Rfc2VhcmNoLkhJUl9TUkNfMTIwMg</vct:transactionid>
<vct:statuscode>2</vct:statuscode>
<startindex>0</startindex>
<count>500</count>
<totalcount>51691</totalcount>
<resultformat>ITEM_TYPE</resultformat>
<cac:item>
<cbc:description>BREMSBELAG GALFER ORGAN. FD171-G1054 (KBA)</cbc:description>
<cac:sellersitemidentification>
<cac:id>04303400</cac:id>
</cac:sellersitemidentification>
<cac:standarditemidentification>
<cac:id identificationschemeid="EAN/UCC-13">8400160001718</cac:id>
</cac:standarditemidentification>
<cac:manufacturersitemidentification>
<cac:id>FD171-G1054</cac:id>
<cac:issuerparty>
<cac:partyname>
<cbc:name>Galfer</cbc:name>
</cac:partyname>
</cac:issuerparty>
</cac:manufacturersitemidentification>
<cac:baseprice>
<cbc:priceamount amountcurrencyid="EUR">5.95</cbc:priceamount>
<cbc:basequantity quantityunitcode="EA">1</cbc:basequantity>
</cac:baseprice>
<cac:recommendedretailprice>
<cbc:priceamount amountcurrencyid="EUR">10.9</cbc:priceamount>
<cbc:basequantity quantityunitcode="EA">1</cbc:basequantity>
</cac:recommendedretailprice>
</cac:item>
I grab this from an URL via PHP like this:
<?php
error_reporting(E_ALL);
$url = "http://somedomain.com/feed";
set_time_limit(0);
$ch = curl_init($url);// or any url you can pass which gives you the xml file
curl_setopt($ch, CURLOPT_URL, $url);
curl_setopt($ch, CURLOPT_TIMEOUT, 50);
curl_setopt($ch, CURLOPT_FOLLOWLOCATION, true);
$xml = curl_exec($ch);
curl_close($ch);
$namespaces = $xml->getNameSpaces(true);
$cac = $xml->children($namespaces['cac']);
foreach ($xml as $entry){
$cac = $xml->children($namespaces['cac']);
echo $cac->item;
}
?>
I always all data shown without linebreaks etc. but I need to fetch specific objects to save them in array (later).
This namesapce here is really wired.