8.16
Trading on the loco London gold market was erratic,
From US$455 per ounce at the
with prices fluctuating widely.
end of 1982, the price rose steadily to reach US$507 on 3 February, influenced by the anticipation of lower US interest
rates. It then fell sharply from US$506 an ounce on
21 February to US$406 an ounce on 1 March, responding to the declines in oil prices. The price then stabilized within a
narrow range of US$420 and US$440 until a sharp fall
re-emerged in early June which pushed the price down again to
US$401 on 8 June, the lowest since November 1982. This fall
was accounted for by the strength of the US dollar and
persistently high US interest rates. Up until the end of
June, the metal was traded in the range of between US$400 and
US$420 an ounce, closing at
at US$417 an ounce, down 88 from
US$455 an ounce recorded at the end of 1982.
3.17
The tael price of gold on the Chinese Gold and Silver Exchange showed a similar pattern in the first three
months. Having risen to HK$3,956 per tael on 16 February, the
price plunged to HK$3,196 by 1 March. It then moved within a
narrow range of HK$3,280 and HK$3,450 in the remainder of
March. In the second quarter, the tael price was boosted by
the weakening Hong Kong dollar, to HK $3,718 on 31 May. It subsequently fell back on the easing of the loco London price and on the strengthening of the Hong Kong dollar, to HK$3,557
at the end of June, which was still HK $65 per tael higher than
at the end of 1982.
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