Watch gold jump in sudden move after North Korea accuses Trump of declaring war

• North Korea's foreign minister accuses President Trump of declaring war. He says that gives North Korea the right to take countermeasures.
• Monday's escalation of rhetoric pushes gold to near a 14 percent gain for 2017, more than the 11 percent increase in the S&P 500 so far this year.

Gold surged Monday after North Korea's foreign minister accused President Donald Trump of declaring war.

Foreign Minister Ri Yong Ho told reporters in New York the alleged declaration gives North Korea the right to strike back. Actions could include shooting down U.S. bombers, he said, even when they are not inside the North Korean airspace.

Gold futures for December delivery rose 1.09 percent on the news at $1,311.70 an ounce following the foreign minister's comments. They were trading down by about 0.05 percent beforehand.

North Korea's leader Kim Jong Un watches a military drill marking the 85th anniversary of the establishment of the Korean People's Army (KPA).

KCNA | Reuters

Spot gold rose 0.87 percent to $1,308.21 after earlier falling 0.25 percent.

Monday's move pushed gold to near a 14 percent gain for 2017, more than the 11 percent increase in the S&P 500 so far this year.

Treasurys rose and stocks fell in response as traders took risk off elsewhere as well.