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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Alex who wrote (9678)	4/9/1998 12:50:00 PM
From: Alex	Read Replies (2) \| Respond to of 116759

Yen soars on intervention against dollar, gold mixed ------------------------------------------------------------------------ LONDON (AP) - The U.S. dollar plunged against the Japanese yen today, after central bankers intervened to halt the yen's recent decline. The dollar also gave up early gains against other key currencies, slipping into mostly negative territory. Gold prices were higher in Europe. The Bank of Japan bought yen in New York, hoping to reverse losses that pushed the Japanese currency last week to its lowest level in 6 1/2 years at 135.2 yen to the dollar. The Japanese central bank took advantage of low-volume pre-holiday dealings to gain the maximum impact from its intervention, and got a boost when U.S. Treasury Secretary Robert Rubin spoke in favor of the move. Many markets are closed Friday for the start of the long Easter weekend. The yen was trading at 133.6 to the dollar, but when the Japanese intervened, it quickly jumped to nearly 130 to the dollar. Late dollar rates in London compared with late Wednesday included: 1.8172 German marks, down from 1.8199; 130.01 Japanese yen, down from 132.60; 1.5098 Swiss francs, up from 1.5094; 6.0902 French francs, down from 6.1005; 2.0470 Dutch guilders, down from 2.0499; 1,795.01 Italian lire, down from 1,797.1, and 1.4255 Canadian dollars, up from 1.4241. At midday in New York, the dollar was quoted at 130.15 yen, 1.8125 German marks and 1.5235 Swiss francs. The British pound was quoted at $1.6737 in New York, up from $1.6683. By midday in New York, sterling was quoted at $1,6720. London dealers fixed a recommended gold price of $308.35 per ounce at midmorning, up from the closing price of $307.90 bid Wednesday. In Zurich, the bid was $308.40, up from $307.50 late Wednesday. Earlier in Hong Kong, gold fell $1.40 to close at $308.55 bid. Silver opened in London at $6.39 bid troy ounce, down from $6.40 bid Wednesday.