NEW YORK — The dollar turned mixed Wednesday after the government released a report that showed the U.S. economy grew at a faster pace this summer but remains more sluggish than the Reagan Administration expects.
Gold prices fell in Europe but rose rose slightly in New York, which some dealers attributed to a higher-than-expected inflation index released by the government. At Republic National Bank in New York, gold was quoted at a bid price of $426.25 an ounce as of 4 p.m. EDT, up $1.25 from late Tuesday.
Currency traders said the Commerce Department's report showing the U.S. gross national product grew at an annual rate of 2.4% this summer caused the dollar to rise narrowly against some currencies but drop against others.
The GNP figure was less than had been anticipated, although it was quadruple the rate of last spring.
President Reagan's own forecasters acknowledged the economy would have to show at least a 5.6% annual growth rate in the fourth quarter to achieve their desired rate of 4% for the second half of this year. Many private economists say that is highly unlikely.