Metal prices surged in September. Fears of a recession pushed spot gold prices above 700 dollars/oz early in the month. On Tuesday, September 18, the U.S. Federal Reserve surprised markets with a 0.5 percent cut to the federal funds rate, taking it from 5.25 percent to 4.75 percent. The value of the dollar dropped and gold moved above 740 dollars/oz. All of the spot currency prices listed in the E&MJ Prices Index increased against the dollar. In fact, the American and Canadian dollars are exchanging evenly for the first time in 30 years. For metals buyers holding euros and pounds, prices in dollars appear less expensive which metal producers hope will drive demand.
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