Foreign Exchange for Friday, April 26, 1985 : Dollar Turns Lower; Gold Mixed
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NEW YORK — The dollar turned lower in light, trendless trading Friday as U.S. interest rates edged lower and some traders sold dollars to cash in on its sharp, weeklong recovery.
Gold prices drifted in a narrow range. Republic National Bank of New York said gold bullion was bid at $322.75 an ounce as of 4 p.m. EST, down 85 cents from the late bid Thursday and down $5.25 for the week.
The dollar, which had plummeted 12.4% after reaching record heights Feb. 25, began a rebound at the end of last week that has since lifted it by 4.6%. That advance included a 1.9% surge Tuesday, the dollar’s biggest one-day gain in more than 3 1/2 years.
The British pound was one of the major losers against the dollar, and, at one point Friday, had dipped as low as $1.1950, or nearly 10 cents below its levels at the end of the previous week.
The dollar’s decline Friday was linked in part to sales by traders who wanted to lock in profits from the rise of the past week.
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