Gold futures early Thursday broke above $1,300 for the first time in about 10 sessions and threatened to punch above a closely watched long-term trend line, following President Donald Trump's decision in the morning to cancel a planned summit with North Korea. Trump cited "tremendous anger and open hostility displayed in your most recent statement," for his decision in a letter to Pyongyang leader Kim Jong Un. Gold prices which tend to rise amid geopolitical uncertainty, were up 1.2% at $1,305 an ounce, with an intraday peak at $1,306.40. The precious commodity is trading just below its 200-day moving average at $1,308.41 an ounce, according to FactSet data. The yellow metal hasn't settled above $1,300 since May 14 and has been mostly under pressure amid a rising dollar and stocks that have mostly edged higher. Stocks, meanwhile, were falling, with the Dow Jones Industrial Average off 0.7% at 24,723, while the S&P 500 index was 0.6% lower at 2,717.
Read the full story: Gold rallies back above $1,300 as Trump cancels meeting with North Korea