Dollar Mostly Higher; Gold Mixed
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NEW YORK — The dollar rose against most other major currencies in U.S. and European trading Friday as dealers continued to reevaluate their outlook for the American economy.
Gold prices were mixed within a narrow range. Republic National Bank in New York quoted gold as of 4 p.m. EDT at $347.50 an ounce, down $1.15 from Thursday’s late bid.
The dollar’s upturn, added to gains it recorded earlier this week, have allowed the currency to rebound somewhat from its extended slide in the first three weeks of July.
The dollar had been under severe pressure from growing pessimism about the U.S. economy’s strength and from declines in American interest rates.
But demand for dollars picked up this week after government statistics signaled that the economy might not be as sluggish as previously thought, which surprised currency dealers and prompted many of them to reevaluate their stance toward both the economy and the dollar.
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