Dollar Mixed; Gold Declines
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NEW YORK — The dollar put in a mixed performance Tuesday against major foreign currencies in quiet trading as the British pound pulled out of a week-long slump, buoyed by steadying oil prices and improved trade figures.
Gold prices fell around the globe, but trimmed their losses as the trading day progressed.
Bullion was quoted at $353.25 an ounce at Republic National Bank at 4 p.m. EST, down 75 cents from Monday’s late bid.
Speculation that the Federal Reserve Board would cut its discount rate from 7.5% undermined the dollar, said William Orsini, a senior commercial trader on the foreign exchange desk at the Bank of Montreal’s New York branch.
The discount rate is what the Federal Reserve charges on loans to its member banks.
Lower U.S. interest rates make dollar-denominated investments less attractive.
“The possibility is becoming stronger for a discount rate cut. There are more reasons now,” Orsini said.
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