Muscat: Gold surged to a fresh record above $4,800 today, buoyed by safe-haven demand and a softer dollar as geopolitical tensions flared. Spot gold rose 1.2 per cent to $4,818.03 per ounce, after scaling a record peak of $4,836.24 earlier in the session. US gold futures for February delivery added 1 per cent to $4,813.50 per ounce. The dollar languished near three-week lows against the euro and Swiss franc after White House threats over Greenland triggered a broad selloff in US assets. Spot silver added 0.1 per cent to $94.68 an ounce, after hitting a record high of $95.87 on Tuesday. Spot platinum gained 0.9 per cent to $2,485.50 per ounce after hitting a record $2,511.80 earlier in the day, while palladium firmed 0.4 per cent to $1,873.18.

According to Oman News Agency, the rise in gold prices is attributed to increased geopolitical tensions, which have historically driven investors towards safe-haven assets such as gold. The decline in the dollar against major currencies like the euro and Swiss franc further contributed to the appeal of gold. Meanwhile, the upward trend in other precious metals, such as silver, platinum, and palladium, reflects a broader market response to the current economic environment. Silver reached a new high earlier in the week, while platinum and palladium also saw significant gains.