Dollar Off Slightly; Gold Is Steady
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NEW YORK — The dollar turned slightly lower against most major currencies Wednesday following remarks from Federal Reserve Board Chairman Paul Volcker that the dollar had fallen enough in foreign exchange markets.
Gold prices were little changed from Tuesday. Bullion was quoted at $431 an ounce by Republic National Bank in New York. In testimony before a House subcommittee, Volker said he felt the dollar had declined enough against foreign currencies over the past 18 months, and other policy changes were needed to take care of America’s trade problems.
Volcker also said that further dollar declines could threaten to renew inflation in this country.
His comments contrasted with Treasury Secretary James A. Baker III’s remarks last week that the Reagan Administration was prepared to push the dollar lower, unless America’s trading partners did not do more to stimulate their own economies.
Baker’s remarks sparked a two-day slide in the dollar.
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