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

LONDON, Jan 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 climbed 2.1 per cent to $4,861.91 per ounce by 1152 GMT, after scaling a record $4,887.82 earlier in the session. US gold futures for February delivery climbed 2.1 per cent to $4,864.80 per ounce.

Spot silver rose 0.2 per cent to $94.71 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.