FINANCIAL MARKETS : Currency : Dollar, Gold Both Advance
The dollar drifted higher Friday against most major currencies in quiet domestic trading after falling overseas.
Gold prices also rose. Republic National Bank in New York quoted a late bid of $454.50 an ounce of gold, up from $454.40 late Thursday.
Dealers said there was little activity in the currency markets, partly due to the fact that some traders took the day off before the Jewish Yom Kippur holiday weekend.
“There was nothing really going on with the dollar. It was a boring day,” said Robert Ryan, senior trader for Irving Trust Co.
In Tokyo, where trading ends before Europe’s business day begins, the dollar fell against the Japanese yen for the first time in nine trading days. It closed the week at 146.30 yen, down from Thursday’s 146.77 yen.
Later, in London, the dollar fell to 146.25 yen. It rose to 146.855 yen in New York, up from 146.325 yen.
The British pound rose to $1.6215 in London from $1.6170. In New York, sterling fell to $1.6190 from $1.62225.
Other late dollar rates in New York, compared to Thursday’s close: 1.84535 West German marks, up from 1.83975; 1.5380 Swiss francs, up from 1.53125; 1.30635 Canadian dollars, down from 1.30675; 6.1405 French francs, up from 6.13095, and 1,331.50 Italian lire, up from 1,327.875.
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