Gold past $4,800 for the first time as US, EU lob fresh salvos over Greenland

Gold surged to a fresh record above $4,800 on Wednesday, buoyed ‍by safe-haven demand and a softer dollar as geopolitical tensions flared after the U.S. ⁠and its NATO allies threatened measures over President Donald Trump's Greenland takeover bid.

FUNDAMENTALS

* Spot gold rose 1.2% to $4,818.03 per ounce as of 0125 GMT, after scaling a record peak of $4,836.24 ‌earlier in the session.


* ‌U.S. gold futures for February delivery added 1% to $4,813.50 per ounce.

* On Tuesday, Trump said there ‌was "no going back" on his goal to control Greenland, refusing to rule out taking the Arctic island by force and lashing out at NATO allies.

* However, he later said, "We will work something out where NATO is going to be very happy and where we're going to be very happy."

* Meanwhile, French President Emmanuel Macron said Europe would not give ‌in to ‍bullies or be intimidated, in a scathing criticism of Trump's ‍threat of steep tariffs at Davos if Europe does not ‌let him take over Greenland.

* The dollar languished near three-week lows against the euro and Swiss franc after White House threats over Greenland triggered a broad selloff in U.S. assets, from the currency to Wall Street stocks and Treasury bonds.

* A weaker dollar makes greenback-priced metals cheaper for overseas buyers.

* In the battle over Trump's effort to ‍fire Federal Reserve Governor Lisa Cook that is set to go before the U.S. Supreme Court on Wednesday, the justices ‍may focus on ⁠the president's use of ⁠social media to carry out this unprecedented action.

* The Fed is broadly expected to maintain interest rates at its January 27-28 meeting despite Trump's calls for cuts. Gold, which does not yield interest, typically performs well in a low-interest-rate environment.

* Spot silver added 0.1% to $94.68 an ounce, after hitting a record high of $95.87 on Tuesday.

* Spot platinum gained 0.9% to $2,485.50 per ounce after hitting a record $2,511.80 earlier in the day, while palladium firmed 0.4% to $1,873.18.