World: European Gold Soars to Highest Level Since April
Lower U.S. interest rates sent the dollar tumbling yesterday and gold soared to its highest level since April in Europe but retreated in New York.</br></br>In Zurich gold rose $20 to close at $367.50 an ounce, the highest since the first week of April. In London, it finished at $366, up from $350. In New York, massive profit-taking pushed it back to $355 from $358.50. The New York Commodity Exchange settled gold at $355.40, down from $359.30.</br></br>In Frankfurt, the dollar fell to 2.4365 from 2.4590 and to just over 2.42 in New York before recovering to 2.4350. In London, the pound rose to $1.7555 against $1.7405 but fell back to $1.7450 in New York. In Tokyo the dollar declined to 253.75 yen from 255 and to 252.55 in New York.</br></br>industry in western industrialized nations will continue to suffer from overcapacity through 1982, the Organization for Economic Cooperation and Development (OECD) warned yesterday.</br></br>The OECD steel committee said any recovery in steel demand in 1982 is likely to be very small and that overall production by OECD members is expected to decline at a greater rate than in 1981.