The U.S. dollar fell to its lowest level in 1 1/2 years against the yen yesterday on what some dealers saw as heavy inflow of OPEC money. The dollar also declined in Europe, although it came back a bit in New York on buying fueled by higher interest rates.
In Zurich gold rose to $682.50 an ounce from $667.50. In London it closed at $680.50 an ounce against $670.50 Tuesday. In New York, gold rose to $681.75 an ounce at the close from $673.25, and it settled on the Comex at $680.50, up from $671.50.
Silver rose to $21.60 an ounce from $20.68, and it settled at $21.58 compared with $20.72 the previous day.
The dollar remained under heavy pressure against the yen, falling to 209.20 yen in Tokyo from 212 Tuesday, and it plummeted to 208.15 in New York. In European trading it hit 207.60 yen.
The dollar recouped a bit in New York after most major banks raised their prime rate to 13 1/2 percent.
In London the pound rose to $2.3910 from $2.3875, and it jumped to $2.3945 in New York.