Gold spikes after Trump scraps North Korea meeting

North Korean leader Kim Jong Un meets scientists and technicians in the field of researches into nuclear weapons in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang March 9, 2016.

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North Korean leader Kim Jong Un meets scientists and technicians in the field of researches into nuclear weapons in this undated photo released by North Korea’s Korean Central News Agency (KCNA) in Pyongyang March 9, 2016.
source
Reuters

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

Gold was up 1% to $1306.18 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 okay 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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source
Markets Insider