Dollar Declines in Quiet Trading; Gold Prices Up

The dollar eased lower Monday against all key currencies except the Italian lira in quiet European trading. Gold prices rose.

Foreign exchange dealers attributed the market’s sluggishness to public holidays honoring servicemen and war dead in North America and several European countries.

In Tokyo, where trading ends as Europe’s business day begins, the dollar fell 1.90 yen to a closing 205.35 Japanese yen from 207.25 yen at Friday’s close. Later, in London, the dollar was quoted at 205.78 yen.

In London, the dollar fell against the British pound. Sterling cost $1.4195, up from $1.4158 late Friday.

Other late dollar rates in Europe, compared to late Friday, were: 2.6250 West German marks, down from 2.6300; 2.15475 Swiss francs, down from 2.1610; 8.0025 French francs, down from 8.0100; 2.9575 Dutch guilders, down from 2.9640; 1,770.50 Italian lire, up from 1,767.85, and 1.3777 Canadian dollars, down from 1.3790.

Gold prices moved higher in sluggish trading.

In Hong Kong, gold fell to a closing bid of $324.13, down from $324.31 at Saturday’s close. But later, in London, gold rose to a late bid of $323 an ounce, up from $322 late Friday. In Zurich, gold moved up to a late bid of $323.80, up from $322.50 late Friday.

Silver bullion prices rose to a late bid of $6.09 an ounce, up from $6.03 late Friday.