With the local exchange market 1 steadily declining, erratic and violent Auetuations characterized the gold bar market on Thursday. London silk being unchanged, the local exchange market opened with purely nominal rates at 1/41 sterling, 394) USS and LIT yen; these prices subsequently declined, with slight recovery, until, between' 1030 am. and noon, rates were steady at 174%, 39,45 and 116%, There was a further decline in the afternoon to 1/374, 82%, and 113. the Tewest level reached during the day. Sellers then improved the position, with Muctuations, until at the close there were sellers for cash at 1/47, 83%, and 115%, In'splte of opening $38.50 above the closing at moon on the previous da; the gold bar market advanced twenty dollars between 9 am. and 9.15 am, the official opening price of $1,028 advancing to $1,049, the noon closing price being fixed at $1,053.20. 'The afternoon trading commenced at 145) am, with buyers at $1,070, the official opening prices being $1,079, Six minutes. later, the highest' price recorded, $1,087, was reached, but heavy profit-taking caused the market to Feact shortly afterwards and the price declined to $1,045, After an advance at 3 o'clock, trading became normal, Auctuations being confined between $1,058 and $1,068. At the official clos-Ing the price was $1,062.
Following the steady decline Thursday, the local exchange market opened on Friday with @ rather uncertain tone. The tendency in the gold. bar market continued upward, fand {t was reported that one Chinese forced to suspend busines After the opening, the local change market recovered somewhat, ing for forward the market temporarily advanced, so that there were sellers at 1/4i sterling, 3398 USS, and 118% yen, A. steady decline then set in, and this was maintained until the close. A. feell of extreme caution characterized the @ay's business.
"The gold. bar market opened at $1,087, but the market advanced to a new height soon afterwards, reaching $1,006. 'The continued selling by over-loaded longs, however, resulted a decline, unfit at 1030 am, the Jowest price' of the day, $1,080, w: reached. Profittakers being. satis-fled, the market advanced again, and remained quiet, until late in' the afternoon, when active buying took. place, the offlelat high of the. year, '$1,100, then being recorded. Buyers In' the following auctions forced the
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