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Dollar, Gold Lower in Quiet Trading

October 29, 1985|Associated Press

NEW YORK — The dollar drifted lower against most major currencies in quiet, trendless activity Monday as traders continued to worry about central bank intervention against the U.S. currency.

The Canadian dollar was the only currency to lose ground against the dollar, slipping slightly at day's end.

Gold prices also were little changed in listless trading. Republic National Bank of New York said gold bullion was bid at $326.50 an ounce as of 4 p.m. EST, down 35 cents from the late bid Friday.

Despite the decline, the dollar remained within a narrow range that has prevailed in foreign exchange markets for more than a week. As measured by the Fed's index of the dollar against the currencies of 10 major trading partners, the dollar is just two-hundredths of a percent below the levels of Oct. 17.

Some traders said the dollar may have been hurt Monday by a rise in interest rates in Japan, something that would make returns more attractive on yen-denominated investments.

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