Dollar Finishes Mixed; Gold Advances
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NEW YORK — The dollar finished mixed against foreign currencies Wednesday in spite of a report of surprisingly strong U.S. economic growth.
Gold prices rose. Republic National Bank in New York said gold was bid at $325.80 at 4 p.m. EST, up $2.05 from $323.75 Tuesday.
Analysts said the failure of the dollar to post a strong gain on the day reflected persistent bearishness by traders who believe the dollar is bound to head lower.
The dollar rose in Europe and New York after the gross national product report was released.
Some traders rationalized that the strong economic growth in the third quarter reflected a pile-up of inventory and was likely to result in a weaker fourth quarter, according to James McGroarty, vice president of Discount Corp., a government-securities dealer.
Traders also continue to believe that the central banks of the United States, Japan, Britain, France and West Germany will sell off dollars in large quantities.
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