Foreign Exchange for Wednesday, Oct. 2, 1985 : Dollar Steadies in U.S.; Gold Rises
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NEW YORK — The dollar steadied from its recent steep declines by edging higher against other major currencies in U.S. trading Wednesday.
Gold prices rose modestly worldwide. Republic National Bank in New York quoted gold as of 4 p.m. EDT at $324 an ounce, up 50 cents from Tuesday’s late bid.
The dollar, which fell to a 17 1/2-month low against the currencies of its major trading partners in the previous session, tumbled further in Japan and Europe before steadying in the United States.
Short covering by traders wanting to take profits from the dollar’s recent slide helped bolster the currency, said David Arbesman, first vice president of Prudential-Bache Securities.
On overseas markets the dollar lost another 12 French centimes and 4.5 Japanese yen.
The U.S. currency also dropped below three Dutch guilders for the first time since April, 1984.
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