The dollar made slight gains on the European and Tokyo money exchanges yesterday, and the price of gold eased. Trading on foreign exchange and bullion markets was extremely thin ahead of the U.S. holiday weekend.
Gold encountered some early profit taking, which lowered the price to around $245.75. However, demand from the United States ahead of the long Washington's Birthday weekend pushed the price back to around Thursday's level.
In Zurich, gold closed at $247.625 an ounce compared with $247.875 Thursday. In London, gold closed at $246.375 an ounce, down from $247.625. In New York, where a dealer said gold traded in a narrow range, it closed at $247.70 a ounce.
The dollar edged up in Frankfurk to 1.8535 marks from 1.8525 Thursday; in Zurich to 1.6715 Swiss fancs, from 1.6682; in Paris to 4.2755 French francs from 4.26875; in Brussels, to 29.695 Belgian francs, from 29.665; in Amsterdam to 2.005 guilders from 2.0025; and in Milan, to 840.55 lire from 839.45. In Tokyo, the dollar closed at 200.45 yen against 200.30. The pound closed in London at $2.003 against $2.004.