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Dollar Lower in Europe as Gold Rises

October 06, 1987|Associated Press

LONDON — The U.S. dollar closed lower against key foreign currencies in European trading Tuesday. Gold prices edged higher.

Currency dealers predicted little movement in the dollar until U.S. trade figures for August are released next week.

In Tokyo, where trading ends as Europe's business day begins, the dollar fell 0.20 yen to a closing 147.00 yen. Later, in London, it was quoted at 146.55 yen.

One British pound cost $1.6315 in London on Tuesday, more than late Monday's $1.6245.

Light European Trading

Other late dollar rates in Europe included: 1.8340 West German marks, down from 1.8445; 1.5275 Swiss francs, down from 1.5360; 6.1037 French francs, down from 6.1352; 2.0625 Dutch guilders, down from 2.0735; 1,323.50 Italian lire, down from 1,330.65, and 1.3055 Canadian dollars, down from 1.3093.

Gold prices firmed in light European trading Tuesday due to the lower dollar and increased tensions in the Persian Gulf, bullion dealers said.

Gold rose in London to a late bid price of $457.50 an ounce, compared to late Monday's $456.75.

In Zurich, the metal closed at a bid $458, compared to $457 late Monday. Earlier in Hong Kong, gold rose $1.77 to close at a bid $457.76.

Silver bullion prices rose on the London market where the metal was trading at a late bid price of $7.67 an ounce, compared to Monday's $7.61.

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