Gold Rallies Sharply on Uncertainty Regarding Malaysian Plane Crash on Russia-Ukraine Border

New York (July 17)  Gold is seeing keen safe-haven demand in the immediate aftermath of reports a Malaysian airliner with over 200 people on board crashed near the border of Ukraine and Russia. The uncertainty of the matter--whether it was shot down, terrorism, or mechanical malfunction or pilot error, has the market place spooked and looking for answers in a hurry. The Russian Interfax news agency said the jet quickly disappeared from radar screens, which the market place sees as very disconcerting. August gold was last up $17.20 an ounce at $1,320.38, while spot silver was up 36 cents to $21.16, platinum up $9 to $1502, and palladium tacks on $6.60 to $884.50.

Source: Kitco News