Dollar Weakens In Light Trading; Gold Rises $2.10
The U.S. dollar generally eased against major foreign currencies yesterday in response to a small decline in short-term U.S. interest rates. But trading was held to a minimum by the Easter Monday holiday in most of Europe.</br></br>Declining U.S. interest rates invariably hurt the dollar by taking some of the sheen off dollar-denominated investments.</br></br>Gold rose $2.10 an ounce from its Thursday closing price on the Commodity Exchange in New York; there wasn't any trading on the Comex Friday because of Good Friday.</br></br>In early trading in Hong Kong Tuesday, gold was quoted at $386.05 an ounce.</br></br>While the dollar was a touch weaker yesterday, said James T. McGroarty, a vice president of Discount Corp. of New York, "it continues to be supported by the strong U.S. economic performance." The dollar soared to a two-month high against most European currencies Thursday as the result of the announcement that the first-quarter U.S. gross national product, the nation's output of goods and services, was far stronger than expected.