The U.S. dollar rose against most major currencies yesterday, recovering losses earlier in the week. Gold prices declined in Europe but rose in New York.
Gold prices rose $1.50 a troy-ounce to $427 in New York yesterday according to price quotes from the Republic National Bank. Gold prices, which set a London closing record of $434.25 an ounce Thursday retreated to $426.50 in that market, still $11 up from last Friday's close. In Zurich, Europe's biggest bullion market, gold ended the week at $429, down from Thursday's $436.00.
In Tokyo the dollar closed sharply lower at 241.65 yen, a decline of nearly 10 yen in 10 days, when it hit a 2 1/2-year peak. In New York the dollar fell to $239.90 yen from 244.40 yen Thursday.
The British pound dropped back in London, winding up at $1.1710, compared with $2.1935 at the end of business Thursday.
Late dollar rates in Europe compared with late rates Thursday: Frankfurt -- 1.7508 West German marks, up from 1.7385; Zurich -- 1.61475 Swiss francs, up from 1.60145; Paris -- 4.1050 French francs, up from 4.0890; Amsterdam -- 1.9390 guilders, up from 1.9275; Milan -- 819.45 lire, up from 814.15.
In New York, dollar rates as of 4 p.m. included: 1.17550 West German marks, down from 1.7475 marks Thursday; 4.1188 French francs, down from 4.1035; 1.6185 Swiss francs, down from 1.6110, and $1.1634 Canadian, down from $1.1626 Canadian. The British pound fell to $2.1650 from $2.1808.