Foreign Exchange for Thursday, April 25, 1985 : Dollar Up; Gold Narrowly Mixed
NEW YORK — The dollar rolled higher Thursday, extending its week-long climb in moderate trading as U.S. interest rates edged up.
Gold prices were narrowly mixed. In after-hours trading, Republic National Bank quoted a bid for gold as of 4 p.m. EST at $323.60 an ounce, up 85 cents from Wednesday’s close.
The dollar has moved higher every day this week, including its biggest one-day rise in nearly 3 1/2 years Tuesday.
Dan Holland, assistant vice president at Discount Corp., said the main reason behind Thursday’s move by the dollar was a higher federal funds rate, the interest which commercial banks charge each other for short-term loans.
Fed funds traded above 8% for most of the day after trading below that level earlier this week and late last week.
The dollar’s week-long rally is its first sustained rise since its record setting advance in the month of February.
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