LONDON, JULY 3 -- The U.S. dollar rose against all major currencies except the Canadian dollar in thin European trading today, while gold prices fell.
Dealers in London said the dollar drew broad support from its strength against the Japanese yen. The dollar has been climbing throughout the week against the yen and closed today in Tokyo at 147.90 yen, up from 146.93 late Thursday.
It was the highest level for the dollar since March 27. Traders said the U.S. currency, buoyed by overnight gains abroad, attracted buying from banks, insurance firms and other institutional investors.
In later trading in London, the dollar traded at 148.57 yen.
European trading was thin because of the Independence Day holiday in the United States, where most financial markets were closed.
James Vick, senior corporate trade for Manufacturers Hanover Trust Co. in New York, said activity there was extremely light due to the holiday. But he said the dollar traded in the upper end of its recent range, reflecting its continued stability.
"The dollar's stability is bringing investors back," Vick said.
The British pound fell to $1.6105, from $1.6160 late Thursday.
Gold traded in London at a late bid of $443.80 a troy ounce, down $2.70 from late Thursday. In Zurich, gold closed at $444.00 an ounce, down from $447.50 Thursday.
Gold closed earlier in Hong Kong at a bid of $443.94, down from Thursday's $448.30.
Silver bullion fell in London to a bid of $7.24 a troy ounce from $7.42 late Thursday.
Precious metals markets in the United States were closed.
Other European late dollar rates today, compared with late Thursday's rates, included: 1.8380 West German marks, up from 1.8300; 1.5290 Swiss francs, up from 1.5205; 6.1225 French francs, up from 6.1000; 2.0710 Dutch guilders, up from 2.0605; 1,329.50 Italian lire, up from 1,324.35; and 1.3272 Canadian dollars, down from 1.3307.