FINANCIAL MARKETS : Currency : Dollar Advances; Gold Prices Decline
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NEW YORK — The dollar rose modestly on technical factors Wednesday, extending recent gains against the West German mark. Analysts said traders were squaring their positions at the end of the third quarter.
Gold prices dropped about $5 an ounce in New York trading on a proposal by Treasury Secretary James A. Baker III that governments use a basket of commodities, including gold, in setting monetary policy.
In New York, the dollar rose to 146.60 yen from 146.565 while the British pound fell to $1.6242 from $1.62725.
Other late dollar rates in New York, compared to late Tuesday’s rates, included: 1.8449 West German marks, up from 1.84175; 1.5375 Swiss francs, up from 1.5307; 6.1430 French francs, up from 6.1220; 1,330.375 Italian lire, up from 1,318.25, and 1.31055 Canadian dollars, down from 1.31225.
Republic National Bank in New York quoted a late bid of $453.75 for an ounce of gold, down from $458.60.
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