Foreign Exchange for Wednesday, Sept. 3, 1986 : Precious-Metals Prices Fall

Precious-metals prices fell back in quiet trading in the United States on Wednesday, but held on to more than half of their sharp gains of the previous session.

Platinum, gold and silver shot up earlier in the day in hectic dealings in Europe.

The dollar gave a mixed, subdued performance. Platinum for current delivery fell $11.30 to $651.90 an ounce on the New York Mercantile Exchange. Platinum had jumped more than $38 on Tuesday, leading the rally. Gold was quoted at $403.50 an ounce at Republic National Bank in New York, down $2 from Tuesday’s bid.

Gold for current delivery fell $1.20 to close at $404.50 an ounce on the Commodity Exchange in New York. It had gained more than $18 on Tuesday. Silver fell 10.1 cents to $5.324 on the Comex after gaining more than 25 cents in the previous session.

“I don’t think today was really a running out of steam. It certainly wasn’t a correction. It was the markets catching their breath,” said Jeffrey Nichols of American Precious Metals Advisors Inc.