Dollar Slightly Higher in Quiet Trading

The dollar was little changed Friday, edging slightly higher against most currencies in quiet trading as the markets waited for mews from the meeting of the Group of Five industrial nations this weekend in Washington.

Gold prices fell sharply in U.S. trading, as traders sold gold in advance of thee meeting. Bullion was quoted at $426.50 an ounce at 4 p.m. EDT by Republic National Bank in New York, down $7 Thursday’s late bid. And gold for current delivery fell $7.30 to close at 427.20 an ounce on the Commodity Exchange in New York.

Foreign exchange dealers said market participants were reluctant to speculate in advance of the meeting of finance ministers and central bankers from five major industrialized nations ---- the United States, Japan, West Germany, Britain and France.

“The foreign exchange market is sort of frozen in place. People are afraid to go out on positions before they find out what’s coming out of the G-5 meeting. It’s too much of a gamble,” said Robert Brusca, chief economist at Nikko Securities Co.