Gold Gains Following Malaysian Airlines Plane Crash
ICM Brokers | Jul 18, 2014 02:45AM ET
Crude Oil
Crude futures soared on Thursday on news reports that a Malaysian Airlines was shot down over Ukraine not far from the Russian border, while Wednesday's weekly U.S. supply report also bolstered the commodity. Crude soars on Malaysia plane crash, supply data Oil firms on reports of Malaysian airplane crash over Ukraine Investors were tracking news reports that a Malaysian Airlines plane crashed in Ukraine, with wire reports saying the aircraft had been shot down near the border with Russia, a major oil exporter. Oil prices shot up as investors awaited confirmation of the plane crash and its cause, as concerns began to build that the Russian-Ukraine conflict will escalate and disrupt the global flow of crude oil.
Gold
Gold prices rose on Thursday after a Malaysian Airlines plane crashed in Ukraine amid reports the aircraft was shot down. Gold gains on fears Malaysia Airlines crash will fuel Ukraine crisis Gold gains on safe haven demand as Malaysian Airlines plane reported shot down over Ukraine Investors sought safe harbor in the yellow metal as the dollar slumped on concerns the Russian-Ukraine crisis will heat up anew and dampen U.S. recovery. Investors were tracking news reports that a Malaysian Airlines plane crashed in Ukraine, with wire reports saying the aircraft had been shot down. The dollar dropped as investors awaited confirmation of the plane crash and its cause, which gave gold room to rise on safe. Malaysia Airlines confirmed it lost contact with the plane, while wire reports quoting Ukraine officials said the plane was shot down.
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