PRICE OF GOLD

New Zealand Herald, Volume LXXII, Issue 22045, 27 February 1935, Page 7

PRICE OF GOLD

SLIGHT FALL RECORDED

QUOTATIONS FOR SILVER

(Received February- 26, 5.5 p.m.) LONDON, Fj»b. 25 Fine gold is quoted to-day at £7 3s 9Jd an oz., compared with £7 3s lid on Saturday, which was the record figure. Silver is quoted at 25Jd an oz. spot, and 25 9-'l6d forward, compared with 25id and 25gd on Saturday. The following is a summary of the fluctuations in the price per ounce of fine gold in 1935: £ b d Highest price, February 23 7 3 11 .Lowest price, January 2 . . 7 0 101 February 19 .. .... 7 210 February 20 . . .. ... 7 2 91 February 21 7 2 11 February 22 .. ~ ..7 3 February 23 .. 7 311 February 25 .. .. .. 7 3 9i INFLUENCE OF FRANC COMMENT IN LONDON LONDON, Feb. 25 The City Editor of the Daily Telegraph says that unless the franc changes its course an even higher price for gold may be recorded. The root cause of the present phase is the quickness with which balances move from centre to centre on the slightest pretext. There is always a fear that gold will take wings at an inconvenient moment.

The Financial News says the weakness of sterling is due to the.jgivithdrawal of balances and capital invested in sterling securities. The weakness of the gilt-edged market has induced many foreign holders to sell out. Funds are being recalled from London for investment in Paris before the.expected fall in short-term money rates begins. The repatriation of French funds tends to provide the Paris market with much-needed relief and Jo facilitate French Treasury borrowing in order to cover its huge deficits, but in the long run the depeciation of sterling must aggravate the economic position of France.

STERLING EXCHANGE NO NEED FOR UNEASINESS » __ (Received February 126, 9.35 p.m.) LONDON, Feb. 26 The City Editor of the Daily Mail, commenting on the sterling exchange, points out that there is no need for uneasiness. On the contrary, a justifiable setback to currency is helpful to industries in these times of quotas and restrictions, and should stimulate the export trade and relieve unemployment.