Dollar Declines; Price of Gold Rises
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NEW YORK — The dollar moved broadly lower against major foreign currencies in moderate trading Monday, while the price of gold rose in response to political turmoil in the Philippines and economic problems in Mexico.
Republic National Bank of New York said that, at 4 p.m. EST, gold bullion was bid at $348 an ounce, up $7.25 from Friday’s close.
Analysts said the currency markets generally continued to expect further declines in the dollar as the U.S. government attempted to reduce its massive trade deficit.
A weaker dollar makes imported goods more expensive in the United States.
John Fulton, a vice president and trader for Chemical New York Capital Markets Group, noted that despite reported comments by Japanese officials that the dollar had fallen enough against the yen, traders continued selling the dollar when U.S. Trade Representative Clayton Yeutter repeated his contention that the currency needed to fall further.
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