Gold jumps to over $1,305

london — Gold prices surged on Thursday, propelled above $1,300 per ounce after US President Donald Trump called off a summit with North Korea, stoking political tensions.

Trump cancelled the meeting with Kim Jong Un, planned for June 12, even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site. Spot gold was up 1 per cent at $1,305.60 per ounce by 1415 GMT while US gold futures for June delivery climbed 1.2 per cent, also to $1,305.60 per ounce. Before the North Korea news, spot gold was slightly firmer but had been losing ground for weeks, shedding 5 per cent since touching $1,365.23 on April 11, the highest in nearly three months. Funds had cut long positions in gold to a 10-month low, but the move back above key technical

it’s a struggle to find any gold-negative news at the moment Ole Hansen, Head of commodity strategy at Saxo Bank

levels of $1,300 and $1,305 was spurring a rush by speculators into bullion, Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen, said.

“It’s a struggle to find any goldnegative news at the moment,” he added.

“Trade spats are recurring and there’s a focus on troubled emerging markets,” Hansen said.

Gold was also buoyed by a weaker dollar, which slipped to a near two-week low against the Japanese yen.

Silver gained 1.3 per cent to $16.63 an ounce, platinum climbed 1.5 per cent to $912.60 an ounce after touching the highest since May 14. —