Gold jumps to highest level in eight months

Singapore

GOLD climbed beyond US$1,200 an ounce on Thursday - spiking to its highest level in over eight months - after US Federal Reserve chair Janet Yellen indicated that further interest-rate increases could be delayed should the tumult in global markets continue.

The metal has been this year's best-performing commodity, fuelled by investors seeking a haven from slumping equities and weaker economies.

According to Bloomberg, gold had breached the US$1,200 mark by 8.37am, when it stood at US$1,212.54. By 6.13pm, it had hit US$1,221.00 - 3.26 pe…