Dollar Advances in Late U.S. Trading
The dollar rose broadly in late U.S. trading Tuesday, receiving support from market technicians after turning in a mixed performance in earlier activity abroad.
The price of gold was mixed in a narrow range in quiet trading on world bullion exchanges. Republic National Bank of New York said gold bullion was bid at $315.50 an ounce as of 4 p.m. EDT, down 50 cents from the late bid Monday.
Currency dealers said there were few economic developments that had an impact on currency markets Tuesday but that technical trends appeared to support the dollar.
William Orsini, a currency analyst at the New York branch of the Bank of Montreal, said the dollar received a psychological boost when it again failed to drop below 3.03 West German marks, currently an important support level for traders who follow technical charts of foreign exchange rates.