Two-price gold system agreed by seven nations
Seven Western nations including the United States Belgium West Germany Italy the Netherlands Switzerland and Britain agreed to a two-price system for gold. A fixed $35 an ounce for central bank settlements and a private market price likely around $40 to $50 an ounce. The move aims to stop U.S. gold losses but does not fix the balance of payments deficit. France’s role and long term prospects remain uncertain.