U.S. key rate cut sends global gold prices soaring

Gold bars are displayed at the Korea Gold Exchange headquarters in Jongno District, central Seoul, on Monday.

Gold bars are displayed at the Korea Gold Exchange headquarters in Jongno District, central Seoul, on Monday. [YONHAP]

Gold bars are displayed at the Korea Gold Exchange headquarters in Jongno District, central Seoul, on Monday. [YONHAP]

Gold bars are displayed at the Korea Gold Exchange headquarters in Jongno District, central Seoul, on Monday. [YONHAP]

Gold products are displayed at the Korea Gold Exchange headquarters in Jongno District, central Seoul, on Monday.

The international prices of gold hit an all-time high after the U.S. Federal Reserve cut its key interest rate on Sept. 18. The spot price of gold in the United States stood at $2,620.63 per ounce on Friday, up 1.3 percent from a day earlier. Geopolitical risks have driven up gold purchases around the world.