TORONTO -- The price of gold soared and major stock indices dipped after United States President Donald Trump said he is cancelling a planned meeting with North Korean leader Kim Jong Un.

The S&P/TSX composite index fell 20.18 points to 16,113.62.   

In New York, the Dow Jones industrial average retreated 75.05 points to 24,811.76. The S&P 500 index lost 5.53 points to 2,727.76 and the Nasdaq composite index declined by 1.53 points to 7,424.43.

The Canadian dollar averaged 77.57 cents US, down 0.09 of a U.S. cent.

The July crude contract retreated US$1.13 to US$70.71 per barrel and the July natural gas contract advanced about two cents to US$2.97 per mmBTU.

The June gold contract soared US$14.80 to US$1,304.40 an ounce and the July copper contract gained about three cents to roughly US$3.10 a pound.