Dollar’s Rebound Fizzles; Gold Prices Mostly Higher

The dollar weakened against most major currencies in late trading Thursday, stifling a midweek rebound from historic lows.

Dealers said the market was still mostly bearish on the U.S. currency, despite its upward movement Tuesday and Wednesday.

Gold prices were mostly higher. At Republic National Bank, gold bullion was bid at $418 an ounce at 4 p.m. EST, up from $417.20 on Wednesday.

The dollar fell to 146.50 yen in late New York trading, from 147.05 Wednesday.

Earlier in Tokyo, where the trading day begins, the dollar had edged up to 147.05 Japanese yen from 146.90 Wednesday.

Tokyo traders said the Bank of Japan bought dollars for the eighth consecutive day to help prop up the U.S. currency.

The intervention, however, was small compared with billion-dollar purchases early in the week, traders said.

Later in London, the dollar traded at 146.90 yen.

Other late dollar rates in New York, compared to late Wednesday were: 1.8138 West German marks, down from 1.8300; 1.5155 Swiss francs, down from 1.5315; 6.0347 French francs, down from 6.0890; 1,293.25 Italian lire, down from 1,302.75, and 1.3077 Canadian dollars, down from 1.3115.

Late dollar rates in Europe compared with Wednesday included: 1.8265 West German marks, up from 1.8190; 1.5240 Swiss francs, up from 1.5200; 6.0725 French francs, up from 6.0485; 2.0600 Dutch guilders, up from 2.0525; 1,301.25 Italian lire, up from 1,295.75, and 1.30855 Canadian dollars, up from 1.3085.

At the New York Commodity Exchange, gold bullion for current delivery was bid at $418 an ounce, equal to Wednesday’s price. The late London bid price of gold was $420.50 an ounce, up from $419.20 late Wednesday. The late bid price in Zurich was $421 an ounce, up from $419.

Hong Kong gold closed earlier at $420.44 an ounce, up from $419.25.

Silver for current delivery was quoted at $6.232 an ounce on the New York Comex, down from $6.263. Silver traded late in London at $6.34 an ounce, up from $6.30.