Gold Spikes as Uncertainty Reigns Over Plane Crash at Russia-Ukraine Border

A Malaysian passenger airplane carrying 295 people was shot down in Eastern Ukraine near the Russian border on Thursday, killing all on board. The plane, a Boeing 777, was en route from Amsterdam to Kuala Lumpur and came down near the city of Donetsk, a stronghold of pro-Russian rebels, and appears to have been hit by a ground-to-air missile.

While uncertainty reigns on what actually happened to the Malaysian plane — be it mechanical failure or an act of terrorism — the market has been spooked.

And sure enough, with political turmoil in the air, investors have flocked to gold as a safe-haven asset. Gold is up above $1,300 today, having touched a high of $1,324.90 on the news. The gold price is currently up 1.44 percent, or $18.70, trading at $1,318.50.