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Foreign Exchange for Tuesday, Nov. 26, 1985 : Dollar Hits 2 1/2-Year Low; Gold Mixed

November 27, 1985|Associated Press

NEW YORK — The dollar fell against most major foreign currencies Tuesday, reaching its lowest level in nearly 2 1/2 years, in a drop analysts attributed in part to negative economic reports from the United States.

The price of gold was mixed, retreating late in the day from the three-month high reached Monday. Republic National Bank of New York said gold bullion was bid at $330.75 an ounce as of 4 p.m. EST, down $1.25 from the late bid Monday.

The Federal Reserve Board's index measuring the dollar against 10 other leading currencies on the basis of trade fell to 125.81 from 126.41 on Monday, the lowest point since reaching 125.77 on July 6, 1983.

The West German government Tuesday reported that it had a huge trade surplus in October. The report prompted traders to move away from the dollar in anticipation of a worsening U.S. trade balance, said Gary Dorsch, senior money market analyst for G. H. Miller & Co., a commodities firm in Chicago.

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