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Foreign Exchange for Thursday, Dec. 26, 1985 : Dollar Higher in Quiet U.S. Trading

December 27, 1985|Associated Press

NEW YORK — The dollar drifted higher against most major foreign currencies Thursday in quiet U.S. trading.

Gold prices fell. Republic National Bank of New York said that as of 4 p.m. EST the price of gold was quoted at $325 an ounce, down $1.25 from Tuesday when trading closed at midday.

Foreign exchange and precious-metals markets were closed Wednesday and Thursday in Europe for the Christmas holiday. U.S. markets reopened Thursday for the first time since Christmas Eve, when most of them closed early.

Trading was light in the United States, with many dealers apparently waiting until the beginning of the new year to begin major trading, analysts said.

"We're still involved with holiday markets, and activity is at extremely low levels," said Gary Dorsch, senior money market analyst with the Chicago commodities brokerage G. H. Miller & Co.

The dollar began the trading day in Tokyo falling to 202.90 Japanese yen, compared to 202.95 yen late Wednesday.

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