LONDON, 1 December 2005 — The dollar slipped against the euro here yesterday despite a stronger-than-expected report on US growth in the third quarter. The single European currency in late-day trade was at 1.1796 dollars after 1.1778 late Tuesday in New York. The dollar was meanwhile trading at 119.66 yen against 119.65 on Tuesday.
The euro was changing hands at 1.1796 dollars against 1.1778 late on Tuesday in New York, 141.04 yen (140.94), 0.6808 pounds (0.6855) and 1.5499 Swiss francs (1.5472). The dollar stood at 119.66 yen (119.65) and 1.3147 Swiss francs (1.3134).
On the London Bullion Market, the price of an ounce of gold fell to $495.65 from $496 late on Tuesday. Gold prices were down sharply in Asian trade yesterday, giving up near 20-year highs as profit-takers moved in after the precious metal rose above the $500 mark, dealers said.
Prices in Hong Kong, one of the world’s leading gold markets, closed at $494.00-$494.50 an ounce yesterday, down from Tuesday’s finish of $499.20-$499.70.
Gold managed to push through the psychologically important $500 barrier on Tuesday, levels not seen since December 1987.
Meanwhile, European stock exchanges retreated yesterday, with the London FTSE 100 index shedding 1.23 percent to end the day at 5,423.2 points. The CAC 40 in Paris fell 0.46 percent to 4,567.41 while in Frankfurt lost 0.12 percent to finish at 5,193.40.
In New York, The Dow Jones Industrial Average was down 12.65 points, or 0.12 percent, at 10,875.51. The Standard & Poor’s 500 Index was down 1.74 points, or 0.14 percent, at 1,255.74. The technology-laced NASDAQ Composite Index was up 4.80 points, or 0.21 percent, at 2,237.51.
Asian stocks closed mixed yesterday. In Tokyo, the Nikkei-225 index fell 55.55 points or 0.37 percent to 14,872.15. In Seoul, the KOSPI index closed up 18.06 points at 1,297.44. In Hong Kong, the Hang Seng Index closed down 91.62 points at 14,937.14. In Bombay, the Sensex index fell 142.35 points to 8,788.81.
World oil prices rebounded yesterday after an unexpected sharp drop in US crude inventories last week, analysts said. New York’s main contract, light sweet crude for delivery in January, rose 30 cents to $56.80 per barrel in pit deals. In London, the price of Brent North Sea crude for January delivery gained 18 cents to $54.50 per barrel in electronic dealing.