Gold at $474
PA London Gold and silver prices surged to new 1982 high levels yesterday as doubts aboutx the durability of the world banking system kept investors bidding for precious metals to hedge against a potential financial disaster. London gold dealers fixed the bullion price at SUS 474 an ounce yesterday afternoon. the highest level in 16 months, and silver prices were quoted at $9.30 an ounce, the highest in nearly a year. Gold closed at $474 an ounce. $l6 higher than on Friday, and unchanged from the afternoon fix. Last busi-
ness on the Zurich market was also at $474. up $22 from Friday. London silver followed gold to finish at around the highs of $9.30. Traders said markets were nervous, particularly with U.S. business halted by the Labour Day holiday. Another rise in U.S. mone.v supply figures and prospects of more later this month fuelled fears of renewed inflation and encouraged additional nervous buying. Israel’s decision to extend settlements into the occupied territories provided further background support for precious metals, dealers said.
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Press, 8 September 1982, Page 28
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175Gold at $474 Press, 8 September 1982, Page 28
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