But Morocco's four times world champion Hicham El Guerrouj returned to winning ways in the 1,500 metres after suffering his first defeat since the 2000 Olympics in Rome last week.
The 29-year-old, who is contemplating missing next month's Athens Games because of a breathing problem, held off a late challenge from Kenya's Isaac Songok to win in his season's best time of three minutes 32.20 seconds.
Mutola, last year's Golden League champion, had not lost an 800 metres race since being beaten into second by Zulia Calatayud in Monaco in 2002.
She led going into the final 100 metres but was then overhauled by Cherkasova in the sprint to the line, finishing second in 1:59.06, 0.15 seconds behind the delighted Russian.
American Allen Johnson set the fastest time of the year in the 110 metres hurdles as he recorded 13.05 for a comfortable win over Latvian Stanislavs Olijars.
The four times world champion, now returns to the United States for their Olympics trials.
"It is a very fast track and the time is very good for me just 10 days before the (U.S.) trials," Johnson said. "This gives me the perfect preparation to qualify for the Olympics."
Felix Sanchez, of the Dominican Republic, also set the quickest time of the year in the 400 metres hurdles as he recorded his 37th successive victory in a time of 47.86.
World champion Sanchez held off the strong finishing South African Llewellyn Herbert, who was second in 48.03.
Jamaican Asafa Powell took the honours in the men's 100 metres in a time of 10.00.
Double world champion Hestrie Cloete lost out to Russian Yelena Slesarenko in the women's high jump. The South African only managed 1.95 metres for equal third with Ukraine's Viktoriya Styopina.
The competition took place in a strong breeze but world leader Slesarenko cleared 2.03 metres, with Blanka Vlasic of Croatia second with 1.98.
