Gold futures on the COMEX division of the New York Mercantile Exchange rose more than one percent on Thursday after U.S. President Donald Trump canceled a planned meeting with Kim Jong Un, top leader of the Democratic People's Republic of Korea (DPRK).

The most active gold contract for June delivery went up 14.80 dollars, or 1.15 percent, to settle at U.S. 1304.40 dollars per ounce, back above the 1,300-dollar level after one week.

Geopolitical concerns boosted the price of gold after Trump announced his decision in a letter sent to Kim Jong Un.

In the letter released by the White House, Trump said although he was very much looking forward to being in Singapore with Kim, it was "inappropriate" at this time to have this meeting "based on the tremendous anger and open hostility" displayed in the DPRK's most recent statements.

But Trump added that he still looks very much forward to meeting Kim "some day."

In wake of the announcement, the Dow Jones Industrial Average lost 114.97 points, or 0.46 percent to 24,771.84 points as of 1658 GMT.

Meanwhile, the U.S. dollar index, a measure of the greenback against a basket of other major currencies, fell 0.24 percent to 93.69 as of 1648 GMT.

When the equities and dollar fall, the price of gold usually rises as investors look for safe haven assets.

As for other precious metals, silver for July delivery rose 28.2 cents, or 1.72 percent, to close at 16.687 dollars per ounce. Platinum for July went up 11.8 dollars, or 1.31 percent, to settle at 912.60 dollars per ounce.