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Foreign Exchange for Friday, March 22, 1985 : Dollar Mostly Higher; Gold Lower

March 23, 1985|Associated Press

NEW YORK — The dollar turned mostly higher in calm trading Friday, a contrast to the wild swings of the previous four days, when the dollar had plummeted 4.7%.

Gold prices fell but still wound up the week with substantial gains. Republic National Bank in New York said bullion was bid at $316 an ounce as of 4 p.m. EST, off $1 from the late bid Thursday but up $21.50 from the end of the previous week.

Following a volatile week in which markets were buffeted by the closure of 70 savings and loans in Ohio and signs of unexpected weakness in the U.S. economy, currency traders who had been selling dollars bought some back Friday to reduce their exposure to new shocks over the weekend and to cash in on earlier gains, said Mory Ogata, senior vice president and treasurer of Union Bank in Los Angeles.

"Some good profit taking took place, especially against the pound in Europe," Ogata added.

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