Dollar Rises in U.S. Trading; Gold Off
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NEW YORK — The dollar rose against most other major currencies in U.S. trading Wednesday after a mixed showing in European activity.
Gold prices followed the opposite course, edging lower in the United States after closing mixed overseas. Republic National Bank in New York quoted gold as of 4 p.m. EDT at $315.40 an ounce, down $2.10 from Tuesday’s late bid.
The dollar’s relative strength in recent days has surprised some traders. Its steady performance followed government indicators portraying a weak U.S. economy and declines in American interest rates, which determine the yields available on dollar-denominated investments.
But other currency analysts have argued that the lower interest rates are providing the groundwork for an economic upturn later this year, which should benefit the dollar.
In addition, there is speculation the Federal Reserve will take further actions to accomodate lower lending charges in order to bolster the economy.
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