CURRENCY : Dollar Mixed as Pound Eases; Gold Advances
NEW YORK — The dollar was mixed Thursday as trading in the other major currencies continued to dominate foreign exchange markets.
Gold prices advanced sharply amid a confluence of factors. Republic National Bank of New York quoted a bid price of $442.50 for an ounce of gold as of 4 p.m. EST, up from $436.15 late Wednesday.
The British pound, which has soared in recent trading sessions, gave up some ground to profit taking after Britain’s Chancellor of the Exchequer Nigel Lawson said sterling would be unable to sustain a further advance.
In London, the pound fell to $1.8435 from $1.8460 late Wednesday. In later New York trading, sterling slipped to $1.8462 from $1.8475 late Wednesday.
In Tokyo, the dollar rose to a closing 128.20 Japanese yen from 128.08 yen at Wednesday’s close. Later, in London, the dollar fell back to 127.85 yen, and in New York, it rose marginally to 127.955 yen from 127.95 yen late Wednesday.
Other late dollar rates in New York, compared to late Wednesday’s prices, included: 1.66345 West German marks, down from 1.66895; 1.3785 Swiss francs, down from 1.37905; 5.6665 French francs, up from 5.6530; 1,236.625 Italian lire, up from 1,232.50, and 1.25685 Canadian dollars, up from 1.2537.
Gold soared $7 on the Commodity Exchange in New York, closing at $443.20 an ounce.
In London, gold jumped to a late bid price of $443 an ounce, up from $436.50 bid late Wednesday.
In Zurich, Switzerland, it rose to $442.50 bid from $437 bid late Wednesday. Earlier, in Hong Kong, gold closed at $438.42 bid, up from $438.01 bid.
Silver fell on the Commodity Exchange, slipping 3.3 cents an ounce to $6.265. Tables, Page 7
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