Dollar Rises; Gold Stable

The dollar edged up in quiet trading early today a day after a sharp setback that dealers attributed to technical factors. Gold prices were little changed.

Dealers said that lacking any important news on interest rates or the health of the U.S. economy, the markets were likely to keep the currency within a narrow range.

In Tokyo, where trading ends before Europe’s business day begins, the dollar fell to a closing 252.75 yen from Tuesday’s 254.15. Later, in London, it was quoted at 253.05 yen.

Other dollar rates at midmorning, compared to late Tuesday, were: 3.1980 West German marks, up from 3.1820; 2.6785 Swiss francs, up from 2.6780; 9.7000 French francs, up from 9.6925; 3.6085 Dutch guilders, up from 3.5825; 2,027.00 Italian lire, up from 2,020.00, and 1.3815 Canadian dollars, up from 1.3807.

In London, the British pound was quoted at $1.2133, compared to $1.2140 on Tuesday.

Gold opened in London at a bid price of $314.00 an ounce, compared to Tuesday’s $314.50. At midmorning today, the city’s five major bullion dealers fixed a recommended price of $313.35.

In Zurich, the bid noon price was $313.75, up from $313.50 late Tuesday.

Earlier, in Hong Kong, gold rose $2.45 to close at a bid $314.30.

In New York Tuesday, gold rose $6 to close at $314.90.

Silver was quoted in London today at a bid price of $6.24 an ounce, down from Tuesday’s $6.265.