Gold hits all-time high at $4,887.82/ozPlatinum scales record high at $2,511.80/ozSilver trades below its record high of $95.87 hit on TuesdayTrump to address world leaders at Davos(Rewrites for EMEA morning session)By Pablo SinhaJan 21 (Reuters) - Gold prices extended their record run to breach the $4,800 per ounce level on Wednesday on safe-haven flows driven by escalating friction between the United States and NATO over Greenland.Spot gold (XAU=) climbed 2.1% to $4,861.38 per ounce by 1024 GMT, after scaling a record $4,887.82 earlier in the session. U.S. gold futures (GCcv1) for February delivery climbed 2% to $4,863.10 per ounce.Spot silver (XAG=) rose 0.5% to $95.04 an ounce, after hitting a record high of $95.87 on Tuesday, powered by a cocktail of factors including sustained physical tightness and safe-haven demand.“There continues to be a myriad of factors boosting bullion, not least simply its safe haven quality. The Greenland crisis is front and centre with President Trump expected to deliver his Davos speech later today,” said Jamie Dutta, market analyst at Nemo.money.Trump said on Tuesday that he remained firm in his ambition to gain control of Greenland, refusing to rule out taking the Arctic island by force.The U.S. President barrels into Davos, Switzerland, on Wednesday, and is likely to use the World Economic Forum to escalate his push for acquiring Greenland despite European protests.Danish Prime Minister Mette Frederiksen said she would not yield to Trump’s demands and abandon Greenland.The dollar index (.DXY) hovered at a two-week low 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/) (MKTS/GLOB)A weaker dollar makes greenback-priced metals cheaper for overseas buyers.Meanwhile, investors are also looking out for the Supreme Court’s verdict on the legality of Trump’s bid to remove Federal Reserve Governor Lisa Cook, adding to concerns over Fed independence.“We are looking for gold to punch through $5,000/oz as investors continue to seek inflation-proof, safe-have assets,” said SP Angel analyst John Meyer, adding that upward momentum could fade as ETF buying tails off.Amongst other precious metals, spot platinum (XPT=) gained 0.1% to $2,465.55 per ounce after hitting a record $2,511.80 earlier in the day.“Sustained uncertainty and the debasement trade are bidding up all precious metals including silver,” Dutta said, adding that speculative flows are driving up platinum prices.Palladium (XPD=) fell 0.1% to $1,864.09, after touching a one-week high earlier.Gold’s record run in 2026<img src="https://imageproxy.pbkrs.com/https://tmsnrt.rs/4qW5Yls?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1820" height="994" original-src="https://imageproxy.pbkrs.com/https://tmsnrt.rs/4qW5Yls"/>

Gold prices surged to an all-time high of $4,887.82 per ounce, driven by safe-haven demand amid rising tensions between the U.S. and NATO over Greenland. Spot gold climbed 2.1% to $4,861.38, while U.S. gold futures rose 2% to $4,863.10. Silver also saw gains, trading at $95.04 after hitting a record high of $95.87. Analysts predict gold could reach $5,000 per ounce as investors seek inflation-proof assets. Platinum and palladium prices fluctuated, with platinum reaching $2,511.80 before settling at $2,465.55.

Reuters

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PRECIOUS-Gold powers above $4,800 as global risks fan record safe-haven rally