Gold spikes after Trump scraps North Korea meeting

Gold rallied Thursday morning after President Donald Trump canceled a meeting between the US and North Korea.

Gold was up 1% to $US1306.18 an ounce around 10 a.m. ET.

On Thursday, the White House called off a planned summit between President Donald Trump and North Korean leader Kim Jong Un.

“Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time , to have this long planned meeting,” Trump wrote in a statement.

The cancellation, which dampens the emerging prospect of diffused high-stakes tensions between Washington and Pyongyang, sent investors running for save-haven assets.

Additionally propping up the yellow metal, the Federal Reserve released Wednesday meeting minutes from its last policy gathering, showing officials are ok with inflation temporarily overshooting a target level of 2%. That sent the dollar lower.

Gold is up less than 1% this year.

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