Gold for April delivery jumped by US$53.20, or 4.5%, to end at US$1,247.80 an ounce after touching a high of US$1,263.90.
Gold futures rose by more than US$50 an ounce to settle at the highest level in about a year on Thursday, as global investors turned to safe haven assets amid sharp losses in equity markets.
Gold for April delivery jumped by US$53.20, or 4.5%, to end at US$1,247.80 an ounce after touching a high of US$1,263.90.
Prices logged their highest settlement since Feb. 5, 2015. They also saw their largest one-day dollar and percentage gain since Sept. 19, 2013.
Equity markets in Asia, Europe and US fell sharply on the back of uncertainty over growth in the global economy.
Federal Reserve Chairwoman Janet Yellen acknowledged in her congressional testimony on Wednesday that jitters in international financial markets and the world economy could impact the outlook for the US.
Yellen also signaled that the US central bank could postpone further rate increases if the current weakness in global markets persists.
The US dollar slumped to its lowest level since 2014 against the Japanese yen late on Wednesday.
In India, spot gold prices climbed further by INR 215 to touch INR 28,800 per 10 grams.
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