Dollar Up on Light Trading; Gold Off

Associated Press

The dollar rose against most major currencies Monday, surviving a bout of profit-taking early in the day.

Trading was light, exaggerating swings in exchange rates, as currency markets were closed for holidays in London and Tokyo.

The price of gold fell in quiet trading. Republic National Bank of New York said gold bullion was bid at $309 an ounce as of 4 p.m. EDT, down $2.50 from the late bid Friday.

Among the big casualties in foreign exchange trading was the British pound, which tumbled following reports by European oil industry sources of a cut in crude oil prices by the Soviet Union.

Sterling has been closely linked to oil prices because of Britain's reliance on revenue from its North Sea oil.

The dollar, which now has climbed 7.4% since April 18, shot higher in early European trading Monday, then gave up some of its gains as traders sold the currency to cash in on its rapid rise.

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