Malaysian Passenger Plane Incident in Ukraine Pushes Gold Futures to Four-Week High

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Gold Prices Going Up

Gold futures posted the biggest gain in four weeks after Ukraine said rebels shot down a Malaysian airliner carrying 295 people near its border with Russia. Palladium extended its rally to a 13-year high.

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The Boeing 777 flight from Amsterdam to Kuala Lumpur was hit by a missile and went down near the eastern town of Torez, Ukraine’s Interior Ministry said on its Facebook page.

Gold futures for August delivery rose 1.3 percent to settle at $1,316.90 an ounce yesterday on the Comex in New York, the biggest gain for a most-active contract since June 19. Trading was 29 percent above the 100-day average for this time, according to data compiled by Bloomberg.

Decreasing 1.2 percent made Japanese silver the biggest mover of the day, finishing at JPY 676.00 ($6.65) per 10 grams on Thursday, July 17. US silver saw its price rise 0.4 percent to $20.79 per ounce. The price of Chinese silver is back up, rising by 0.2 percent yesterday to close at CNY 4,320 ($696.37) per kilogram. Indian silver prices rose 0.2 percent to INR 45,649 ($759.78) per kilogram.

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At JPY 4,243 ($41.75) per gram, Japanese gold bullion fell 0.8 percent yesterday. After a 0.5 percent increase, US gold bullion finished the day at $1,300 per ounce. Following a 0.3 percent rise on Thursday, the price of Chinese gold bullion closed at CNY 260.00 ($41.91) per gram. Following a two-day drop, the price of Indian gold bullion increased by 0.2 percent to INR 27,741 ($461.72) per 10 grams.

The price of Japanese platinum bar declined 0.8 percent to JPY 4,850 ($47.72) per gram. After falling for two days, the price of Chinese platinum bar rose 0.3 percent to CNY 315.00 ($50.78) per gram. The price of US platinum bar remained steady at $1,477 per ounce.

The price of US palladium bar increased 0.9 percent to $871.00 per ounce. Japanese palladium bar held its value on Thursday at JPY 2,875 ($28.29) per gram. The price of Chinese palladium bar remained essentially flat at CNY 194.00 ($31.27) per gram.

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