LONDON -- The U.S. dollar was down against most major currencies in European trading Thursday. Gold rose in London.

The euro bought $1.2722, up from $1.2691 late Wednesday in New York. Later, in midday trading in New York, the euro fetched $1.2725.

Other dollar rates in Europe, compared with late Wednesday, included 116.78 Japanese yen, down from 117.46; 1.2508 Swiss francs, up from 1.2505; and 1.1216 Canadian dollars, down from 1.1278.

The British pound traded at $1.8972, up from $1.8881.

In midday New York trading, the dollar bought 116.73 yen and 1.2509 Swiss francs, while the pound was worth $1.8968.

Gold traded in London at $579.20, up from $578.60 late Tuesday.

In Zurich, gold was quoted at $578.65, down from $580.10.

Gold rose $5.30 in Hong Kong to $580.10.

Silver opened in London at $10.97 per troy ounce, down from $11.10.