Dollar Keeps Up Record Pace

The U.S. dollar continued its record-breaking march Thursday, reaching all-time highs against the British, Italian and French currencies in lively European trading. Gold prices fell below $300 an ounce.

The dollar also hit 13-year highs against the West German and Dutch currencies and a seven-year high against the Swiss franc.

In London, the value of the British pound dipped to $1.0830 from Wednesday’s rate of $1.0870. This matched sterling’s previous record European closing low of $1.0870 set on Feb. 12.

In Tokyo, the dollar closed at 261.50 Japanese yen, up from 261.00 yen Wednesday. Later in London, the dollar was quoted at 261.475 yen.

Other late dollar rates, compared to late Wednesday, were: 3.3485 West German marks, up from 3.3280; 2.8450 Swiss francs, up from 2.8167; 10.2425 French francs, up from 10.1675; 3.7975 Dutch guilders, up from 3.7685; 2,083.00 Italian lire, up from 2,057.62, and 1.37025 Canadian dollars, up from 1.3500.

The value of gold bullion fell under $300 an ounce in nervous, thin trading in response to the dollar’s strength, dealers said.

In London, the metal fell to a late bid of $299.00 an ounce, down from $302.70 bid Wednesday.

Silver was quoted in London at a price of $6.115 an ounce, down from $6.215 on Wednesday.