Dollar Turns Mixed; Gold Climbs $4
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NEW YORK — The dollar turned mixed Tuesday in nervous trading. Undermining the U.S. currency were signs that U.S. economic growth is slowing; supporting it was speculation of further interest-rate cuts overseas.
Gold prices rose strongly. Bullion was quoted at $342.60 an ounce at 4 p.m. EST at Republic National Bank, up $4.10 from Monday’s late bid.
The dollar slumped when the U.S. government announced that the U.S. index of leading indicators for January fell 0.6% instead of rising 0.3% as expected. But the dollar rebounded on a revision of the December index to a rise of 1.5%, higher than the preliminary 0.9% rise, dealers said.
In addition, William Orsini, senior commercial trader at the Bank of Montreal in New York, said: “The dollar here is a bit higher on speculation of further interest-rate falls overseas.”
Orsini characterized trading as jittery and said the dollar traded in a narrow range.
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