NEW YORK — The dollar edged lower against most major currencies Thursday in quiet, featureless trading, as some investors turned edgy ahead of the weekend meeting of finance ministers from major industrialized countries.
Gold prices finished flat in New York after rising in the Far East and Europe. Republic National Bank of New York quoted a bid price for gold bullion at $462 an ounce as of 4 p.m. EDT, unchanged from Wednesday.
Traders said the dollar came under some selling pressure from expectations that the "Group of Seven" finance ministers may not reach a consensus at their coming meeting in Washington. They said the nervousness was fueled by news reports indicating that West German and Japanese policy-makers could express unwillingness to stimulate their countries' economies, contrary to the Reagan Administration's wishes for coordinated economic action.
"Many people really are unwilling or unable to act until after the weekend," said James McGroarty, a vice president of foreign exchange at Discount Corp. in New York. "A potential of further decline in the dollar may be in the offing."