Gold settles at record high above $4,800

February gold futures gained 1.5% to settle at a record $4,837.5 an ounce

Gold prices rose to a record high at Wednesday’s close, despite a firmer dollar and easing geopolitical concerns linked to US-European tensions over Greenland.

February gold futures gained 1.5%, or $71.7, to settle at a record $4,837.5 an ounce, after touching an intraday high of $4,891.1.

The dollar index, which tracks the US currency against a basket of major peers, rose 0.15% to 98.807 points at 11:44 p.m. Mecca time, after hitting 98.868 earlier in the session.

The broad sell-off that swept markets a day earlier, prompting investors to shun risk assets in favor of safe havens, eased after US President Donald Trump said he had no intention of using force against Greenland.