Foreign Exchange for Friday, Feb. 22, 1985 : Dollar Continues Climb; Gold Mixed
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NEW YORK — The dollar capped its historic week with a seemingly effortless surge again Friday, dropping the currencies of Britain, France and Italy to record lows for the third straight session.
The dollar also set 13-year highs against the West German mark and Dutch guilder, and the Swiss franc tumbled to its lowest level in a decade.
Gold prices, meanwhile, fell further below $300 an ounce in U.S. trading after a mixed showing in Europe, and silver dipped below $6 an ounce.
Republic National Bank in New York quoted gold at $295 an ounce, down $4 from Thursday’s late bid.
The dollar’s seemingly unstoppable rally largely reflects U.S. economic conditions that investors find attractive.
There is widespread speculation that major central banks might be preparing a concerted effort to push the dollar lower.
But there also is doubt that the effort would work without the help of the Federal Reserve.
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