The dollar made small gains against European currencies yesterday but remained weak against the yen. Gold was lower is Europe and New York, and dealers attributed the selling to favorable news on oil from the Organization of Petroleum Exporting Countries and to higher interest rates.
In Zurich gold closed at $666.50 and ounce, down from Wednesday's $682.50. In London the close was $670.50, down $10 from the previous day.
In New York the cash price at the close was $670.25 an ounce, down from $681.75, and the Comex settlement price was $670.50, down from $680.50.
Silver fell to $20.90 an ounce from $21.60, and it settled at $20.80 compared with $21.58.
The dollar fell to 208.20 yen in Tokyo from 209.20 yen Wednesday, and it inched down to 208.15 in New York. It had opened at 207.50 yen, the lowest since March 28, 1979.
European closing prices with late New York rates in parentheses:
Frankfurt, 1.8110 marks, up from 1.8070 (1.8126); Zurich 1.6445 Swiss francs, up from 1.6424 (1.6455); Paris, 4.1997 francs, up from 4.1935 (4.1980); Brussels, 29.155 Belgian francs from 28.98 (29.08); Milan 860.80 lira, up from 859.45 (862.10).