U.S. dollar mostly up, gold down in European morning trading

The U.S. dollar fell against the yen, but otherwise gained against other major currencies in European trading Monday morning. Gold fell.

The yen's surge driven in part by traders unwinding yen-carry trades borrowing yen at Japan's low interest rates to buy assets with greater yields in other currencies. Profits from that trade have fallen as the yen as appreciated recently.

In European trading, the U.S. dollar bought 115.29 yen, down from 116.75 late Friday.

The euro traded at US$1.3124, down from US$1.3191, reports AP.

Other dollar rates:

_1.2176 Swiss francs, up from 1.2167

_1.1807 Canadian dollars, up from 1.1767

The British pound traded at US$1.9219, down from US$1.9433.

Gold traded in London at US$638.60, down from US$646.00 late Friday.

In Zurich, gold closed at US$634.85, down from US$651.65.

Gold fell US$23.60 in Hong Kong to close at US$638.90.

Silver opened in London at US$12.61 per troy ounce, down from US$12.88.

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