President Donald Trump’s decision to cancel the Singapore summit with North Korea leader Kim Jong Un is moving financial markets, spurring a big move in the gold market.
Gold futures were trading up more than 1 percent Thursday after the news, above $1,305 an ounce.
Investors often seek refuge in the precious metal during periods of geopolitical uncertainty and turmoil.
Last year, Bridgewater Associates founder Ray Dalio recommended that investors buy gold, citing the rising tensions between the U.S. and North Korea at the time.
“Two confrontational, nationalistic, and militaristic leaders playing chicken with each other, while the world is watching to see which one will be caught bluffing, or if there will be a hellacious war,” Dalio wrote in August. “We can also say that if … things go badly, it would seem that gold (more than other safe haven assets like the dollar, yen, and treasuries) would benefit.”