The price of gold reached a 19-month high on the London bullion market yesterday. The U.S. dollar declined on most European markets and hit a 22-month low against the japanese yen.

The price of Gold went up by $1.50 an ounce in Zurich to close at an 18-month high and rose by $2.75 in London to $153.625, it highest since Sept. 1, 1975, when it was $155.25.

In Tokyo, the dollar plunged from 297.70 to 278.40 yen. its lowest since May 20, 1974. But the dollar showed a marginal gain against the Swiss franc, from 2,5370 to 2.54, and held steady against the Italian lira at 887.45.

Elsewhere, it was down. In Frankfurt, it went from 2.3885 to 2.3883 marks. In London, the pound went up from $1.7162 to $1.7180.Other closing rates for the dollar included Paris, down from 4.9785 to 4.9750 francs; Brussels, from 36.70 to 36.67 Belgian franes; and Amsterdam, from 2.4945 to 2.4895 guilders.

Sterling was unchanged in Frankfurt at 4.10 German marks and Advanced in Zurich from 4.3553 to 4.3638 Swiss Francs.