The U.S. dollar spurted ahead in Tokyo, and closed higher in Europe and New York yesterday. The Tokyo gain was in anticipation of a huge price increase by oil producers and the dollar's firmness elsewhere reflected OPEC's decision not to increase prices as much as expected.
The price of gold fell for the same reasons.
In Zurich, the price of gold declined $2.50 to close at $243.875. In London, gold was down $2 for the day to $243.625 an ounce, and in New York, it weakened to $243.10.
The dollar closed at 207.05 yen compared with 206.42 at Mondays's close and rose to 207.21 in New York. European closing rates with New York prices in parenthsis:
Frankfurt, 1,8625 marks, up from 1.8567 (1.8653); Zurich, 1.6845 Swiss francs, up from 1.6816 (1.6870); Paris, 4.28875 French francs, up from 4.2775 (4.29); Brussels, 29.86 Belgain francs, up from 29.79 (29.49); Amsterdam, 2.011 guilders up from 2.006 (2.0141); and Milan, 839.45 lire, down from 840.45 (839.63).
In London, the pound was unchanged at $2.0535 - its highest level since it was 2.0630 Oct. 27. In New York, the pound closed at $2.0508.