Gold remained well above $500 an ounce yesterday in highly volatile trading, and silver, the "poor man's gold," rose to near $30 an ounce. The dollar posted gains as dealers closed out the last week of the year.
Gold which fluctuated wildly between $503 and $519 an ounce during European and U.S. trading hours, slipped back in London, then rose again in New York.
In Zurich it closed at $517 an ounce, compared with $514 Thursday. It slipped in London to close at $510, from Thursday's $511. Then it surged in New York to $516 at the close, against $515 the day before.
In Frankfurt, the dollar rose to 1.7240 marks from 1.7150 at Thursday's close; in Zurich to 1.5873 Swiss francs from 1.5765; in Paris to 4.0225 francs from 4.0175; and in Amsterdam to 1.8990 guilders from 1.8980.
In London the pound eased to $2.2345 from $2.24 Thursday. In Brussels, however, the dollar fell to 29.025 Belgian francs from 29.075 and in Milan to 804.20 lire from 804.70.
In Tokyo the dollar also lost ground, closing at 239.50 yen, down from 239.70 at Thursday's close.