The price of gold rose sharply in volatile trading yesterday, fueled by a report in a Kuwait newspaper that the Organization of Petroleum Exporting Countries will convene an emergency meeting next month to discuss the dollar as a pricing unit for oil.
The dollar closed mixed after an uneventful summer trading session.
After falling almost $30 in a little over a week, the price of gold rebounded yesterday, gaining $7.50 in London to close at $291.375 and $4.25 in Zurich to $289.125. In New York, gold rose to $294 an ounce.
In London, fresh selling depressed sterling during the day but it recovered most of the loss to close at $2.2155 against $2.2180.
The dollar closed in Frankfurt at 1.8307 marks, little changed from Tuesday's 1.8310; at 1.6574 Swiss francs in Zurich, down slightly from 1.6587; at 30.365 Belgian francs in Brussels against 30.405; at 2.0060 guilders in Amsterdam, up from 2.0055; at 4.2515 francs in Paris, up from 4.2495; and at 820.10 lira in Milan compared with 819.95.
In Tokyo, the dollar moved up slightly to 216.75 yen from 216.45.