Dollar Falls Against Most Currencies; Gold Edges Up

The U.S. dollar fell against most currencies in quiet and uneventful trading Thursday. Gold prices edged up.

Currency dealers said the dollar was in a consolidation phase, meaning that exchange rates were relatively steady while market participants awaited another major upward or downward move.

The British pound rose Thursday, following the previous day’s reported intervention by the central Bank of England to stabilize erratic action by the British currency.

It cost $1.3525 to buy one pound, more expensive than the $1.3380 on Wednesday.

In Tokyo, the dollar closed at 238.55 Japanese yen, down from 239.10 yen on Wednesday. Later, in London, the dollar was quoted at 238.50 yen.

Other late dollar rates, compared to late Wednesday’s levels, were: 2.8360 West German marks, down from 2.8450; 2.3450 Swiss francs, down from 2.3545; 8.6600 French francs, down from 8.6850; 3.1900 Dutch guilders, down from 3.2010; 1,899.00 Italian lire, up from 1,895.50, and 1.3609 Canadian dollars, down from 1.3613.

Gold was quoted in London at a late bid price of $322.50 an ounce, up from $321.00 Wednesday.

In Zurich, gold rose to $322.80, compared toWednesday’s $321.40.

Earlier, in Hong Kong, gold rose $1.44 to close at $322.97 bid.

Silver was quoted in London at a late bid of $6.155 an ounce, up from $6.14 Wednesday.