The dollar fell against most major currencies in European trading today. Gold was quoted nominally softer. The dollar lost ground against the yen in Tokyo today, closing at 144.72 yen, down 0.78 yen from Thursday's close of 145.50 yen. Later in London, the dollar traded at 145.15 yen. Traders sold the West German mark for the yen throughout the day to take profits on overbought mark positions, dealers said. Concerns about the implications of a proposal to unify the two German monetary systems, along with profit-taking, helped push the mark lower, traders said. Other dollar rates at midmorning, compared with late Thursday's prices, included: 1.6665 West German marks, down from 1.6872; 1.4890 Swiss francs, down from 1.4905; 5.6710 French francs, down from 5.6725; 1.8840 Dutch guilders, up from 1.8810; 1,241.00 Italian lire, down from 1,241.50; and 1.1940 Canadian dollars, down from 1.1970. The British pound traded at $1.6910, compared with $1.6885 late Thursday. London's major gold dealers fixed a recommended price of $418.50 at midmorning, up from $417.75 bid late Thursday. In Zurich, the bid price was $418.75, up from $417.75 bid late Thursday. Gold in Hong Kong rose 96 cents an ounce today, to close at $417.42. Silver traded at a bid price of $5.34 a troy ounce, up from Thursday's $5.32.
