Dealing Desk: Gold price rises as investors react to Malaysian plane news

Gold prices have risen following news of the potential shooting down of a Malaysian airlines plane in the Ukraine near the Russian border.

Head of Dealing and Settlements, Roland Khounlivong said, 'Up to then, with gold prices at a three week low we'd seen bargain hunting from our customers, with some big purchases from High Net Worth clients.

'The ramifications from today's news are likely to trigger renewed interest in gold buying as worried investors seek out the safe haven metal. Up to this point it had been Palladium which was the only riser this week, partly on the back of fears that the sanctions being imposed on Russia might hit supplies.

'The week had been otherwise relatively quiet with trading volumes as you'd expect for this time of year, and ahead of the summer holiday period in the US. However other geopolitical issues such as the situation in the Gaza strip and Iraq are also causing concern and have been helping support the gold price above the 1300 level.'

16:00 17/07/14: Week on week performance: Gold down 2.7% to $1,301.8; Silver lost 3% at $20.75; Platinum slipped just 1.2% to $1,491.60 while Palladium edged up 1.7% to $880.35.

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NOTES TO EDITOR

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