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Dollar Drops; Gold Is Stable

September 26, 1986|Associated Press

LONDON — The dollar fell against most currencies in quiet European trading today as the market waited for news from monetary talks in Washington this weekend. Gold bullion prices were little changed in nervous trading dominated by professionals.

Foreign exchange dealers said the dollar traded in a narrow range, gaining against the British pound and Canadian dollar but falling against all other currencies.

"It was a little bit up and then a little bit down, but no one really dared to do anything," said one Frankfurt dealer.

Dealers said nobody wanted to speculate in advance of the weekend meeting of finance ministers and central bankers from five major industrialized nations--the United States, Japan, West Germany, Britain and France.

Bullion dealers said the market was nervous and dominated by professional traders.

Several West German brokers said they didn't expect the meeting to yield concrete results that would affect exchange rates.

In London, gold closed at a bid price of $432 an ounce, up 50 cents.In Zurich, the metal finished at a bid $432.50, up from late Thursday's $432. Earlier, in Hong Kong, gold closed at a bid of $433.01, up from $428.54.

Silver bullion prices fell on the London market where the metal closed at a bid $5.67 an ounce compared with $5.88 Thursday.

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