Jan 21 (Reuters) - 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.<h3>FUNDAMENTALS</h3><ul><li>Spot gold (XAU=) 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.</li><li>U.S. gold futures (GCcv1) for February delivery added 1% to $4,813.50 per ounce.</li><li>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.</li><li>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.”</li><li>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.</li><li>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. (USD/) (US/)</li><li>A weaker dollar makes greenback-priced metals cheaper for overseas buyers.</li><li>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.</li><li>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. (FEDWATCH)</li><li>Spot silver (XAG=) added 0.1% to $94.68 an ounce, after hitting a record high of $95.87 on Tuesday.</li><li>Spot platinum (XPT=) gained 0.9% to $2,485.50 per ounce after hitting a record $2,511.80 earlier in the day, while palladium (XPD=) firmed 0.4% to $1,873.18.</li></ul>

Gold prices surged to a record high above $4,800, reaching $4,818.03 per ounce, driven by safe-haven demand amid rising geopolitical tensions over President Trump's Greenland takeover bid. The dollar weakened, making gold cheaper for overseas buyers. U.S. gold futures also rose, while silver, platinum, and palladium prices increased. Trump's comments on Greenland and threats of tariffs drew criticism from European leaders, further impacting market sentiment. The Federal Reserve is expected to maintain interest rates, which typically supports gold prices.

Reuters

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