Dollar Declines in U.S. Trading
The dollar declined against most key currencies in U.S. trading Monday after moving generally higher in quiet European dealings.
Gold prices fell. Republic National Bank in New York quoted gold bullion at $338.50 an ounce as of 4 p.m. EST, down $1 from Friday’s late bid.
Persistent but unconfirmed reports that major industrial nations are considering measures to stabilize foreign exchange markets have subdued trading and made dealers reluctant to alter their holdings significantly, said Alfred Driever, a currency trader with Salomon Bros.
According to reports published in the United States and abroad, the exchange rate topic will be high on the agenda when the seven-nation summit is held in Tokyo in May. Government representatives from the United States, Britain, France, Japan and West Germany will reportedly meet in London this weekend to lay the basis for the summit discussions.
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