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FINANCIAL MARKETS : Currency : Dollar Advances Sharply; Gold Drops

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Associated Press

The dollar rose sharply against the major foreign currencies Tuesday as a bullish sentiment returned to trading floors.

Gold prices fell. Republic National Bank in New York quoted a late bid of $458.60 for an ounce of gold, down from $460.05 late Monday.

Traders in New York said the dollar was down at the start of the day but then picked up ground on mostly technical factors.

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In London, the British pound fell to its lowest level in a month, closing at $1.6330, down from $1.6440 late Monday. In later trading in New York, the pound fell further to $1.62725 from $1.63915.

In Tokyo, the dollar rose 1.83 Japanese yen to a closing 146.05 yen, its highest since Aug. 18 and its biggest single-day rise since June 17. In New York, the dollar rose to 146.565 yen from 144.38 yen.

Other late dollar rates in New York, compared to late Monday’s rates, included: 1.84175 West German marks, up from 1.82815; 1.5307 Swiss francs, up from 1.51615; 6.1220 French francs, up from 6.0870; 1,327.50 Italian lire, up from 1,318.25, and 1.31225 Canadian dollars, up from 1.30865.

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In London, gold fell to a late bid price of $459.50 an ounce from $461.90 late Monday. In Zurich, it fell to $460 from $462.50. Earlier, in Hong Kong, gold dropped to $458.95 from $461.83. On the Commodity Exchange in New York, gold fell to $458 from $460.

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