Financial Markets : Currency : Dollar Edges Up Despite Intervention; Gold Rises
The dollar firmed Wednesday against most major currencies in quiet worldwide trading even though central banks intervened to push down its value.
Gold prices moved higher. Republic National Bank of New York quoted a late bid of $377.40 an ounce, up $1.05 from late Tuesday.
Currency dealers said reported dollar selling by a handful of central banks, including the Federal Reserve, failed to dampen the market’s overriding bullish sentiment toward the U.S. currency.
In London, one British pound cost $1.6847, up from Tuesday’s late $1.6845. Sterling fetched $1.6820 in New York, up from $1.68055. Other late dollar rates in New York, compared to Tuesday’s rates, included: 1.89325 West German marks, up from 1.8919; 1.68705 Swiss francs, up from 1.68425; 1.18415 Canadian dollars, up from 1.18125; 6.3905 French francs, down from 6.3950, and 1,383.05 Italian lire, down from 1,383.25.
Late dollar rates in Europe, compared to Tuesday, included: 1.8900 West German marks, up from 1.8875; 1.6830 Swiss francs, up from 1.6805; 6.3725 French francs, down from 6.3735; 2.1270 Dutch guilders, unchanged; 1,379.20 Italian lire, down from 1,379.50, and 1.1830 Canadian dollars, unchanged.
On the Comex in New York, gold for current delivery rose to $378.40 from $377.80 on Tuesday.
Gold rose in London to $377.95 from $377.50, and in Zurich, Switzerland, to $379 from $377.30.
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