CURRENCY : Dollar Mixed; Holiday in Europe Slows Trading

The dollar recovered Monday in lackluster trading, finishing mixed against foreign currencies after opening the session in Asia at a three-month low against the Japanese yen.

Gold prices rose in quiet dealings. Republic National Bank of New York said gold was bid at $455.85 an ounce as of 4 p.m. EDT, up from $454 late Thursday. Gold trading was halted on Good Friday.

Activity was quelled by a long Easter holiday in Europe that kept financial markets there closed Monday. Most European centers also were closed Good Friday.

Gold wasn’t traded in London, Zurich or Hong Kong on either Monday or Friday.

In Tokyo, the dollar closed at 123.85 yen, down 0.25 yen from Friday’s close of 124.10 yen. The closing figure was up from Monday’s opening of 123.70 yen, its lowest opening level since Jan. 5.

Later, in New York, the dollar rose to 124.18 yen from 123.90 Friday. “There was nothing to motivate the market particularly, though the market sentiment was not to buy dollars,” said Hiraki Abe, an analyst with Bank of Tokyo.

Abe said Bank of Japan was believed to have stepped into the market to a moderate degree to prop up the dollar. Later, in American trading, Rod Fowler of Wood Gundy Inc. in Toronto said the Federal Reserve Bank of New York might have stepped in to buy dollars.

The British pound fell to $1.8857 in late New York trading from $1.8905 Friday. The pound’s close of $1.8895 in London Friday had been a six-year high for sterling.

Other dollar rates in late New York trading Monday, compared to late rates Friday, included: 1.6540 West German marks, down from 1.6555; 1.3639 Swiss francs, down from 1.3643; 1.2370 Canadian dollars, up from 1.2346, and 5.6085 French francs, down from 5.6155. The dollar was quoted at 1,227.75 Italian lire; Friday’s rate was not available.

Here are the most recent dollar rates in Europe--Friday, compared to late Thursday: 1.6565 West German marks, up from 1.6555; 1.3650 Swiss francs, up from 1.3635; 5.6270 French francs, up from 5.6130; 1.8595 Dutch guilders, up from 1.8575; 1,228.75 Italian lire, down from 1,229.50 and 1.2335 Canadian dollars, down from 1.2339.

At the Commodity Exchange in New York, gold bullion for current delivery was bid at $456.70 an ounce, up from $454.40 late Friday. Comex silver was bid at $6.789 an ounce, up from $6.755 Friday.