Foreign Exchange : Dollar Ends Mixed After Early Losses
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NEW YORK — The dollar finished with minor changes against major foreign currencies in U.S. trading Friday, recovering after weak economic news temporarily depressed the American currency.
Precious metals prices steadied after flying sharply higher recently, propelled by fears of possible disruptions in South African supplies. Prices of platinum, gold and silver all declined in the United States as the concerns abated and investors sold to collect profits.
The Republic National Bank in New York quoted gold bullion at $433 an ounce as of 4 p.m., down $4.50 from Thursday’s late bid.
The dollar, which traded in a tight range during the morning in Europe, tumbled after the Labor Department said the U.S. unemployment rate rose to 7% last month from 6.8% in August.
The report indicated sluggish economic expansion ahead, which increases the chances of further interest rate declines, analysts said.
The dollar sank as low as 1.9920 West German marks in New York before recovering.
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