CURRENCY : Dollar, Gold Slightly Higher in Quiet Trading

The dollar rose slightly Monday, but brokers said trading was extremely quiet before the release of monthly U.S. trade figures and the Toronto economic summit.

Gold prices also advanced slightly in restrained U.S. trading after falling more than $7 an ounce in Europe. Republic National Bank of New York quoted gold at $449.70 an ounce as of 4 p.m. EDT, up from $449 on Friday.

Foreign exchange dealers attributed the sluggish trading partly to their own reluctance to speculate about the dollar’s movement before the Commerce Department’s report on the U.S. trade deficit for April, due this morning.

In Tokyo, the dollar closed at 125.19 Japanese yen, up slightly from 124.85 yen late Friday. Later in London, the dollar was quoted at 125.10 yen. By the time trading concluded in New York, the dollar was worth 125.12 yen, higher than its 124.88 yen on Friday.

The British pound fell in London to $1.8165 from $1.8175 late Friday. Later in New York, the pound was quoted at $1.8165, cheaper than $1.8178 late Friday.

Other late dollar rates in New York, compared to late Friday, included: 1.7227 West German marks, up from 1.7211; 1.4407 Swiss francs, up from 1.4391; 1.2207 Canadian dollars, up from 1.2199; 5.8195 French francs, up from 5.8135, and 1,280.25 Italian lire, up from 1,278.88.

Gold futures prices rose slightly in U.S. trading. On the Commodity Exchange in New York, gold bullion for immediate delivery was quoted at $449.60 an ounce, up 50 cents from late Friday.