The dollar fell on most major markets yesterday after European central banks raised interest rates, but it bounced back in New York. Gold closed at $644 an ounce in New York, and silver surged to $35.25 an ounce.
Gold closed in Zurich at $647.50 an ounce, up from $631.50 at Wednesday's close. In London, it closed at $641.50 compared with $642.50 Wednesday. In New York, gold closed at $644 an ounce, compared with $630 Wednesday. Silver soared to $35.20 an ounce Wednesday.
European closing rates for the dollar with New York rates in parenthesis:
Frankfurt, 1.7595 marks, down from 1.7628 at Wednesday's close (1.7614); Zurich, 1.6685 Swiss Francs, against 1.66895 (1.6715); Brussels, 29.435 Belgian francs against 29.505 (28.61); Paris, 4.1270 against 4.13125 (4.1275); Amsterdam, 1.9380 guilders aginst 1.9430 (1.9368); Milan, 814.70 line against 816.55 (814.80).
In London, the higher interest rates abroad hurt the pound, which fell to $2.2850 from $2.2875. It closed at $2.2855 in New York.
In Tokyo, the dollar also lost grounds, closing at 248.05 yen from 278.75, but inched back up to 248.15 in New York.