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.

Ends

NOTES TO EDITOR

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]

GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.

GoldMoney currently has over 22,000 customers worldwide and holds $1.4billion of precious metals in its partner vaults.

GoldMoney has offices in Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.

GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.

Visit www.goldmoney.com.

Follow the GoldMoney Dealing desk team on Twitter: @goldmoneyupdate