People suggest using a yum plugin called fastestmirror:
$ $su -c 'yum install yum-plugin-fastestmirror'
After the installation, it does not really help to boost up the download speed. It is suspected that it takes slow mirror sites for downloading.
Digging into the details of /etc/yum/pluginconf.d/fastestmirror.conf, I found one useful option called "include_only". And then I uncomment one line and change it to:
# include_only=mirror.aarnet.edu.au
AARNET supposed to be fastest mirror in Australia, so you might want to add your fastest mirror in your own country.
Before executing yum update, it is better to remove the cache file timedhosts.txt which was used for time checking from previous actions:
$ $su -c 'rm /var/cache/yum/i386/14/timedhosts.txt'
Now, run:
$ $su -c 'yum update'
You should be able to pull things from the repository mirror at top speed.