Newspaper article THE JOURNAL RECORD

Dollar Turns Mixed; Gold Prices Decline

Newspaper article THE JOURNAL RECORD

Dollar Turns Mixed; Gold Prices Decline

Article excerpt

NEW YORK (AP) - The dollar turned in a narrowly mixed performance in U.S. trading Thursday after closing higher against most major currencies in Europe.

Gold prices fell. Republic National Bank in New York quoted a late bid of $411.10 for a troy ounce of gold, down from $412 late Wednesday.

Analysts in New York said dealings were quiet and the dollar traded in a narrow range following the currency's more hectic pace and downward moves earlier this week.

There were rumors of token intervention in support of the dollar by the Bank of France.

French central bank intervention would be ``a political move to placate'' other members of the so-called Group of Seven, major industrialized nations who want currency rates stabilized, said James T. McGroarty, a vice president with Discount Corp.

McGroarty said the market had ``finally stabilized on the back of all the general negative sentiment that had been fueling the dollar all week,'' and was slowing down in advance of the weekend.

``They'd rather come back in on Monday and start anew,'' he said.

In earlier trading in Europe, foreign exchange dealers said trading was slow and the dollar continued to benefit from intervention earlier this week by several central banks, including the U.S. Federal Reserve.

The traders said central bank purchasing was the major factor working for the dollar, and its exchange rate was not likely to be affected at present by lesser things like economic news.

The British pound fell early in the day on news of an opinion poll showing the Social Democratic-Liberal Alliance gaining in voter support, raising the prospect of no party having a majority in the next Parliament.

But sterling gained following a report showing Britain's current trade account in February had a surplus of 376 million pounds, or $601. …

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