The value of the U.S. dollar climbed against major currencies yesterday despite a drop in Euro-dollar rates and in response to fear of reduced oil production and troubles in the European Monetary System.
Gold remained weak, and silver dropped sharply in value. In Zurich gold fell $6 to $466.50 an ounce from Monday's $472.50. In London, where markets were closed for a holiday Monday, gold fell to $467.75 from $473.50 Friday.
In New York, where markets also were closed Monday, gold eased to $466.50 from Friday's $470.50, and it settled on the Commodity Exchange at $463.30, down from $470.
Silver plunged to $10.27 an ounce from $10.54, and it settled on the Comex at $10.265, down from $10.53.
The shaky French franc rebounded a bit against the dollar, which closed in Paris at 5.54 francs, down from Monday's 5.5550, and at 5.5350 in New York.
In Milan, the resignation of the Italian government sent the dollar to another record high of 1,157.05 lire, up from Monday's 1,149.55. The previous high was 1,150.95 set Friday.