18th July 2014
Gold futures have retreated in commodities trading markets today (July 18th), having advanced by the most in a month in the previous session amid renewed safe-haven demand.
Bullion prices strengthened after a Malaysian Airlines passenger jet was reportedly shot down by a surface-to-air missile and crashed in eastern Ukraine, killing all 298 people on board. This comes just one day after the US and European Union announce stringent sanctions against Russia following the ongoing tensions in the region.
Demand for the precious metal - traditionally seen as a safe-haven asset during periods of economic and geopolitical tensions - was also boosted after Israel announced a ground campaign in Gaza, having failed to bring an end to Palestinian rocket attacks with ten days of aerial and naval bombardments.
Having added 1.32 per cent yesterday, futures have headed lower as investors looked to book profits in early trading.
On the Comex division of the New York Mercantile Exchange, gold for August delivery was down by 0.33 per cent at $1,312.60 per ounce.
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