Foreign Exchange for Wednesday, Jan. 30, l985 : British Pound Rallies; Dollar Higher
The British pound rallied on world foreign exchanges Wednesday as OPEC ministers held oil price cuts to modest levels, calming fears of an imminent collapse of petroleum markets.
The dollar was mostly higher in listless activity, with attempts at rallies held back by fears of coordinated central bank intervention against the U.S. currency.
Gold rose late in the day after an earlier mixed showing.
Republic National Bank in New York said gold bullion was bid at $304.40 an ounce as of 4 p.m. EST, up 10 cents from the earlier close of the New York Commodity Exchange and $2.90 higher than the late bid Tuesday.
Currency and bullion dealers said trading was influenced by a decision of nine of the 13 members of OPEC to implement modest price cuts. Nigeria, which competes with Britain for oil sales, agreed to restore 65 cents from a $2-a-barrel price cut it implemented in October, when it broke ranks with OPEC.
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