Currency and gold moves
Sterling moved very little against the U.S. dollar in the London foreign exchange market dealing yesterday. It weakened slightly on opening but recovered, and throughout the morning remained at a spread of 2.4270 to 2.4280.
Trade union opposition to the British Government’s pay and prices freeze had affected sterling, and this range has been the lowest since the dollar’s devaluation. The gold rush continued on the London exchange and the metal reached a record level. 10 per cent higher than a week ago. Gold prices surged ahead throughout the day’s trading and ended at a “middle” level, the average between the highest and lowest closing trading prices of $75.75 an ounce. The dollar reached its new ceiling of 2.9656 marks on the West German foreign exchange market on Monday for the first time since it was devalued a week ago, and the Central Bank said it sold a small amount of dollars in the afternoon.
Foreign exchange dealers said they estimated the quantity of dollars, in Monday’s first Central Bank sale since the currency crisis, at just over s3om.
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Press, Volume CXIII, Issue 33156, 21 February 1973, Page 14
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183Currency and gold moves Press, Volume CXIII, Issue 33156, 21 February 1973, Page 14
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