Gold jumps above $1,240 an ounce as investors seek refuge

Gold rose above $1,240 an ounce on Wednesday, acting as counter against risk alongside top-rated government bonds as oil’s fall rippled into global equity markets.

Spot gold rose as much as 1.5 percent to a session high of $1,245 an ounce, and was up 1.4 percent at $1,243.33 by 1439 GMT.

The market’s rediscovered role as a shelter for risk-averse investors seemed to be gaining traction, traders and analysts said, even as the dollar gained ground against a basket of major currency rivals.

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