The dollar closed lower on all major foreign exchange markets yesterday, mainly due to profit-taking after its recent improvement. In Tokyo, the dollar's first loss in five session reflected intervention by the the Bank of Japan.
Gold fell in Zurich and was unchanged in London, but it rose in New York. In Zurich gold closed at $380.50 an ounce, down from $385.50 Wednesday. In London it closed at $383.50, the same as Wednesday. In New York gold rose to close at $387.50.
The dollar closed at 232.30 yen, down 1.20 points from Wednesday's 233.90.
The dollar was higher at the opening Europe after the Bundesbank said it would not raise its discount rate, but it fell off in later trading in profit-taking. The so-called "interest rate war" between the United States and West Germany has been criticized as inflationary.
In Frankfurt the dollar eased to 1.7965 marks from 1.8020 at Wednesday's close; in Zurich to 1.6427 Swiss francs from 1.64645; in Paris to 4.2175 francs from 4.2235, and in Brussels to 29.725 Belgian francs from 29.755. In London the pound rost to $2.1525 from Wednesday's close of $2.1450 and it eased to $2.1515 in New York.