Sri Lanka, Jan. 21 -- Gold prices surged to a record high above $4,800 per ounce on Wednesday, buoyed by safe-haven demand and a softer dollar as U.S. President Donald Trump's pursuit of Greenland threatened to reignite a trade war with Europe and upend the NATO alliance.

Spot gold rose 1.2% to $4,821.26 per ounce by 0226 GMT, after scaling a record $4,843.67 earlier in the session. U.S. gold futures for February delivery climbed 1% to $4,813.50 per ounce.

"It's the loss of trust in the U.S. caused by Trump's moves over the weekend to tariff European countries and increase his coercion in trying to take Greenland. (The move in gold) reflects fears about global geopolitical (tensions)," said Kyle Rodda, a senior market analyst at Capital...