LONDON, NOV. 26 -- The dollar edged slightly lower against most major currencies in listless European trading today. Many dealers stayed out of the action due to the closing of U.S. markets for Thanksgiving.
Gold prices rose.
Dealers said there was little reason for the dollar to move sharply. Lending some support to the currency was last week's accord on cutting the U.S. budget deficit, which raised prospects for a meeting of monetary officials of the major industrial nations.
In London, the dollar fell to a 5 1/2-year low against the pound, which was quoted at $1.7945, compared with $1.7940 Wednesday. The dollar fell to 1.6675 West German marks, down from 1.6700 Wednesday.
In Tokyo, where trading ends as Europe's business day begins, the dollar rose to 134.75 Japanese yen, up from Wednesday's 134.52 yen. Later in London, the dollar was quoted at 134.55 yen.
Gold rose in late London trading to $477.50 a troy ounce, up 50 cents from Wednesday. In Zurich, gold also closed at a bid of $477.50, up $1.50 from Wednesday.
Earlier in Hong Kong, gold fell $2.10 to close at a bid of $477.50 a troy ounce.
Silver was quoted in London late Thursday at a bid of $6.96 a troy ounce, up from Wednesday's $6.94