"We've had some competing forces play out over the past 12 hours - the USA dollar was stronger off economic data, but that was quickly reversed with President Trump's comments about North Korea earlier today (Wednesday)", said ANZ analyst Daniel Hynes.
The wider S&P 500 index was up 0.13% at 2,441.32, while the Nasdaq climbed 0.64% to 6,256.56.
The Labor Department said its consumer price index inched up by 0.1% in July after coming in unchanged in June.
Emerging market stocks lost 1.28 percent. USA stock index futures also fell, with the S&P 500 indicated to open down 0.5 percent ESc1 1YMc1. "Pretty remarkable, perhaps even extraordinary, considering", said Tim Ash, strategist at fund manager BlueBay.
The S&P 500 dropped the most since May and MSCI's gauge of stocks across the globe lost 1.1 percent in its third straight day of declines, as it pulled further back from all-time highs.
The VIX rose further on Wednesday, rising as far as 12.11, its highest in nearly a month.VIX.
Gartman's comments follow Bridgewater Associates founder Ray Dalio's gold recommendation: "We can also say that if the above things go badly, it would seem that gold (more than other safe haven assets like the dollar, yen, and treasuries) would benefit", Dalio wrote in a LinkedIn blog post.
The sell-off is likely to extend into the European session today, with financial spreadbetter CMC Markets expecting Germany's DAX and France's CAC 40 to open down about 0.7% each and Britain's FTSE 100 to start 0.55% lower.
Away from the geopolitical drama, US inflation data is due at 1330 GMT.
"If the data continues to come in on the softer side, the market might start to price the Fed staying on hold this year", said Sireen Harajli, FX strategist at Mizuho in NY. South Korea's Kospi fell 0.5 percent. It was last up 1.2% at 1.1305 per euro. US -traded Nikkei futures fell 2 percent to their lowest since mid-May.
"For now, the uptrend is very much intact in gold, reacting to external geopolitical events", said Jonathan Butler, commodities analyst at Mitsubishi in London.
United States producer prices unexpectedly recorded their biggest drop in almost a year, and the number of Americans filing for unemployment benefits unexpectedly rose last week.
Gold was up $3 at $1293 an ounce, adding to 2-month highs.
Six of the 11 major S&P sectors were higher, with the technology's .SPLRCT 0.36 percent rise leading the advancers.
Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in USA crude inventories. Brent crude, used to price worldwide oils, added 21 cents to $52.91.
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