Dollar Drifts Lower in U.S.; Gold Off

Associated Press

The dollar drifted slightly lower against most key currencies after rising in Europe on Friday. Gold slumped in Europe but picked up strength in later U.S. trading.

"It was a typical August Friday," Irving Trust analyst Elaine Lloyd said. "The market didn't get anything in the way of new direction."

She also suggested that New York's trading may have been affected by London's activity, which slowed down as many London dealers went home early for a long weekend.

British banks will be closed Monday for a traditional summer bank holiday.

"It's a fairly thin Friday," said Joe Ansck, a trader with G. H. Miller & Co. in Chicago.

"People are leaving, taking their profits or licking their wounds," Ansck said.

European traders said the dollar's rise there reflected a mild recovery from the previous day's sharp drop.

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