Gold Extend Gains breaking $1,321

by on July 17, 2014 6:22 pm GMT

The news of the jet crash “Boeing 777 flight between Amsterdam and Kuala Lumpur” lead the Gold prices to be headed for the biggest gain in four weeks after Ukraine said rebels shot down a Malaysian jet carrying 295 people near its border with Russia.

Gold futures for August delivery rose 1.8 percent to $1,323.10 an ounce at 12:03 p.m. on the Comex in New York, heading for the biggest gain since June 19.

From the technical analysis perspective, the rebound from the July 15 low $1,291 should be negated, potentially there could be an up-move to $1,340.

Silver and platinum also rose in New York trading.