The U.S. dollar rose sharply in Tokyo and was higher in Europe yesterday after the Easter holidays, and dealers said trading reflected the expectation that the Federal Reserve would tighten credit.

Gold closed in Zurich at $323.625 an ounce against $235.95 last Wednesday, the last day of trading before the long holiday weekend. In London gold fell $1.50 to $232.120 an ounce from $232.625 Thursday. In New York gold closed at $233.25 an ounce and dealers said results of the U.S. Treasury sale of gold were modestly bullish." The cutoff price, or the lowest bid accepted, was $230.10.

In Tokyo, the dollar rose to 217.90 from 216.10 Monday.

In Frankfurt the dollar remained firm, closing at 1.9015 marks against 1.9012 Thursday.

In Zurich, the dollar remarose sharply to 1.7235 Swiss francs from 1.7135 last Wednesday. In Paris, the dollar rose to 4.3725 French francs from 4.3675; in Brussels, to 30.72 Belgian francs from 30.6370; in Amsterdam to 2.0585 guilders from 2.0560; and in Milan to 845.45 lire from 843.70.

In London the pound remained firm, rising to $2.0850 from $2.0810 last Thursday.