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CURRENCY : Dollar Rises Marginally in Light Trading; Gold Is Flat

January 29, 1988|Associated Press

NEW YORK — The dollar rose marginally against most major currencies Thursday, but money traders said business was extremely slow.

Gold prices rose in Asia and Europe but ended unchanged to slightly lower in New York. At Republic National Bank, gold bullion was quoted at a bid price of $467 an ounce as of 4 p.m. EST, the same as late Wednesday.

Currency traders said the dollar came under slight pressure in Tokyo and Europe because of concerns about the persistently high U.S. trade deficit as well as West German denials of a secret trading range for the dollar.

But the U.S. currency later rose, apparently based on rumors of dollar-buying by the Federal Reserve. The central bank does not comment on its purchases or sale of currencies in the market.

Gold rose in London to a late bid price of $466.50 an ounce, compared to $465.75 late Wednesday. In Zurich, gold rose $1 to $466.50.

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