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Updated 17:20 07/07/20

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Gold spikes as plane shot down over Ukraine

Duncan Richardson, News Editor
18 Jul 2014, 10:38 a.m.

The gold price surged $20.00 in a matter of minutes yesterday on the news that Malaysian airline MH17 was shot down over eastern Ukraine. Flight MH17 was carrying 295 passengers and was on route from Amsterdam to Kuala Lumpar. The plane came down 25 miles from the Russian border. The Russian and Ukrainian government alongside the leaders of the separatist movement were quick to deny any involvement.

The gold price was also boosted by the news that Israeli Prime Minister Benjamin Netanyahu ordered his military to start a ground offence in Gaza following a week of air strikes.

Prior to the crash the gold price was trading higher following President Obama’s decision to impose new economic sanctions on Russia for failing to curb the violence in the Ukraine. Russia is the world’s largest producer of palladium and the price shot to a new 13 year high following news of the sanctions.

Gold is the ultimate safe haven asset in times of financial and political turmoil. U.S equities reacted negatively to escalating violence in the Middle East and the east of Ukraine.

Gold is currently trading at £767.68 per ounce, silver 12.30 per ounce, palladium £875.00 and platinum £874.12 per ounce.

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