The dollar chalked up some dramatic gains on foreign exchange markets yesterday on speculation that the administration's anti-inflation program will be announced early next week. Gold moved lower in quiet trading.
Gold stood up to the rising dollar in Zurich and London, trading narrowly and closing $1 lower on both markets at $637.50 in Zurich and at $640.50 in London.
In New York, however, gold fell to $632.50 at the close, down from $641 Thrusday. Silver closed at $35.25, even with Thursday's close. The Comex settlement price for gold was $631, down from $641 and the settlement price for silver was $35.30, compared with $35.25.
European closing prices with late New York quotes in parentheses:
Frankfort, 1.7765 marks up from 1.7595 (1.78); Zurich 1.7050 Swiss francs, up from 1.6685 (1.7075); Milan, 820.80 lira, up from 84.70 (820.95); Paris, 4.1570 francs from 4.1270 (1.1675), Brussels, 29.53 Belgian francs, up from 29.435 (28.84); Amsterdam, 1.95 guiders, up from 1.9380 (1.9560).
In London the pound fell to $2.2730 from Thursday's close of $2.2850, and it plummeted to $2.2625 in New York.
In Tokyo the dollar jumped to 249.80 yen from 248.05 yen despite intervention by the Bank of Japan and it soared to 251.65 yen in New York.