The price of gold rose sharply yesterday as worldwide demand was strong both on the physical market and from speculators afraid of missing a major upturn.
In Zurich gold rose to $575.50 an ounce from $522.50 Tuesday. At the close in London gold had risen to $577 from $553. In New York it closed at $582 compared with $557.25 the day before. Silver surged to $15.60 an ounce from $14.725 Tuesday.
The Comex settlement prices were $582.30 for gold, up from $559, and $15.55 for silver, up from $14.65.
In London, the pound recouped much of its steep drop Tuesday to close at $2.3230, up more than 2 cents from $2.3040. In New York it eased to $2.3195.
Other European closing rates for the dollar, with late New york quotes in parentheses:
Frankfurt, 1.7765 marks, down from 1.7775 (1.7762); Zurich, 1.64475 Swiss francs, down from 1.6575 (1.65); Paris, 4.1380 francs, down from 4.1465 (4.1310); Amsterdam, 1.9510 guilders, down from 1.9570 (1.9490); Milan, 834.80 Italian lire, down from 837.80 (833); and Brussels, 28.81 Belgium francs, down from 28.745 (28.39).