Foreign Exchange for Monday, Dec. 8, 1986 : Dollar Mixed in Quiet U.S. Trading
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NEW YORK — The dollar was mixed Monday in quiet U.S. trading after rising against most key currencies in Europe.
Gold prices edged up slightly in the United States. At Republic National Bank in New York, gold bullion was quoted at $390 an ounce, $1 higher than Friday’s bid.
Richard Witten, vice president of foreign exchange operations at Goldman, Sachs in New York, said the dollar has traded in a narrow range recently and turnover has been light, which is normal for December.
Market activity typically slackens at the end of the year because institutional and corporate investors refrain from engaging in new business while they record their existing positions to comply with reporting requirements.
“It has not been one of the more active days. But that’s to be expected at the end of the year,” said Witten. “Some players start to disappear from the markets.”
Earlier, dealers in Europe reported the dollar derived some strength from speculation about rising U.S. interest rates.
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