Dollar Off in Slow Trading; Gold Is Mixed
The dollar lost ground in lackluster trading Tuesday as open market interest rates fell in the United States.
Analysts said that, despite the decline, the dollar remained within the bounds of its recent narrow trading range and that traders were awaiting further clues on the course of the economy in the United States.
Gold prices rose in Hong Kong and Europe but drifted lower later in the day in the United States. Republic National Bank of New York said gold bullion was bid at $313.75 an ounce, down 25 cents from Monday.
Typical of the dollar’s performance was its activity against the Japanese yen.
In Tokyo, where the trading day begins, the dollar fell to 249.95 yen from 250.15 yen Monday. Later, in London, the dollar slipped to 249.75 yen, a level it still held at the end of the trading day in the United States, against a U.S. rate Monday of 250 yen.
Trading was extremely light.
The British pound rose to $1.2645 in London from $1.2612 on Monday. Later, in New York, the pound was quoted at $1.2663, against $1.2615 on Monday.