Gold zooms past US$4,800 for the first time as Greenland tensions simmer

(FILES) A worker polishes gold bullion bars at the ABC Refinery in Sydney on August 5, 2020. (Photo by DAVID GRAY / AFP)

Gold prices were boosted to a record high above $4,800 per ounce on Wednesday, as investors looked to the metal as a safe haven after a broad selloff in U.S. assets on heightened tensions between the U.S. and NATO over Greenland.

Spot gold climbed 2.1% to $4,862.46 per ounce by 0446 GMT, after scaling a record $4,865.73 earlier in the session. U.S. gold futures for February delivery climbed 2% to $4,861.20 per ounce.