Gold, silver prices rise following reports of plane crash in Ukraine as traders seek safety

Energy Associated Press

Gold and silver prices are rising following news that a passenger plane went down in eastern Ukraine.

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Ukrainian officials said the plane was shot down, though both the government and the pro-Russia separatists fighting in the region denied any responsibility.

The incident brought investors new worries about the region. Tensions have been building between Russia and the West over Russia's annexation of Crimea.

Gold rose $17.10, or 1.3 percent, to $1,316.90 an ounce Thursday. Silver rose 36 cents, or 1.7 percent, to $21.34 an ounce.

It was the biggest gain for gold since June 19, after the Federal Reserve said it would keep interest rates low. In addition to global tensions, low interest rates and the associated risk of inflation also tend to drive up gold prices.