Gold falls below $400
PA London The price of gold slumped decisively below SUS4OO an ounce on Monday as the dollar’s strength became even more pronounced on world financial markets. The French franc. West German mark. Swiss franc, pound sterling and Japanese yen were all much weaker than on Friday against the surging dollar, which dealers said was benefiting from the continuing high level of United States interest rates and probably from unrest in Poland. Gold, which had been hovering just above SUS4OO for some weeks and is always sensitive to the counter attractions of a strong dollar, was Sl3 lower in Europe
than at the. end ot last week. Dealers cited a lack of buyers. S Soon after trading opened the price was around $393 an ® ounce on the London and ij Zurich bullion markets. $ whereas the closing price in M London on Friday was $406. H The French franc fell to another 23-year low of 5.91 to the dollar in Paris from m Friday's closing 5.8425. g The West Gbrman mark 3 slumped to 'its lowest in g nearly five years of 2.5017 in 0 nervous but quiet trading in Frankfurt, where dealers i? said renewed concern about a events in Poland was a fac- g tor. as well as last week's $ congressional approval of h President Reagan's tax cuts. H
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Press, 5 August 1981, Page 22
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223Gold falls below $400 Press, 5 August 1981, Page 22
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