Gold, U.S. dollar in demand
PA New York Despite higher short-term U.S. interest fates, the price of gold rose more than SUSI 6 an ounce in U.S. trading yesterday. But . the rates pushed the dollar’s value Higher against most major currencies in trading at home and abroad. Higher interest rates often are cited for pushing j gold and silver prices in part because higher rates increase the price of financing metals purchases. Also, higher rates can make interestsbearing securities a more attractive investment since gold and silver pay no interest. .
But some also consider gold a safe haven for funds in. times of political turmoil, and’ news that Iran seemed ready to invade Iraq resulted in “very substantial" gold purchases by Middle East interests and others yesterday. Gold for current delivery closed at $357.50 on the Commodity Exchange in New York, after being fixed in London at $U5352.50. Silver for July delivery rose 31.5 Mints a troy ounce on New York’s Comex .to close at $6,545 a troy ounce. In London, silver climbed to $6.41 an ounce from $6.36 on Monday. i
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Press, 15 July 1982, Page 20
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182Gold, U.S. dollar in demand Press, 15 July 1982, Page 20
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