The dollar fluctuated in a narrow range in calm European trading late this morning as markets awaited news from a key meeting of the Soviet Communist Party. Gold prices rose. Traders said they expected little movement in the dollar until there were political developments in the Soviet Union and U.S. markets opened. The Communist Party's Central Committee is meeting today and Tuesday to debate a proposal, endorsed by President Mikhail S. Gorbachev, to give up its exclusive claim to power. News of further Soviet democratization could fuel some dollar buying, dealers said. But the U.S. currency generally remains on a downward trend, traders said. ``The dollar is currently a sick currency,'' one Milan trader said. The huge U.S. budget and trade deficits, lackluster economic growth, persistent inflation and the prospect of lower interest rates are all weighing on the dollar, he said. In Tokyo, where trading ends as Europe's business day begins, the dollar rose 0.64 yen to a closing 145.60 yen. Later, in London, it was quoted at 145.70 yen. Other dollar rates at midmorning, compared with late Friday's prices, included: 1.6786 West German marks, down from 1.6860; 1.4868 Swiss francs, down from 1.4964; 5.7015 French francs, down from 5.7360; 1.8930 Dutch guilders, down from 1.9010; 1,246.50 Italian lire, down from 1,252.00; and 1.1875 Canadian dollars, down from 1.1884. In London, the dollar fell against the British pound. It cost $1.6915 to buy one pound, compared with $1.6820 late Friday. Gold opened in London at a bid price of $418.50 a troy ounce, up from $417.25 bid late Friday. At midmorning, the city's major bullion dealers fixed a recommended price of $418.75. In Zurich, the bid price was $418.40, up from $417.75 bid late Friday. Gold in Hong Kong rose $1.10 to close at a bid $416.86. Silver rose in London to a bid price of $5.31 a troy ounce, up from Friday's $5.29.
