Dollar Tumbles on World Exchanges

Associated Press

The dollar tumbled on world foreign exchanges Monday, undercut by falling interest rates and expectations of slower economic growth in the United States.

Gold prices were mixed in a narrow range in quiet trading.

Republic National Bank in New York said gold bullion was bid at $289.10 an ounce, unchanged from the earlier close at the New York Commodity Exchange and up $1.35 from the late bid Friday. Gold and bullion dealers said the announcement Monday of the death of Soviet leader Konstantin Chernenko and the transfer of power to Mikhail S. Gorbachev had little effect on markets.

In Europe, the interest rate on one-year dollar deposits fell more than a quarter of a percentage point. In the United States, some short-term interest rates fell a tenth of a percentage point.

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