Mumbai, Jan. 12 -- Gold extended its strong rally on Monday, rising more than 2% to a fresh record high of $4,612 per ounce, as political uncertainty and heightened geopolitical tensions boosted demand for safe-haven assets. Concerns over the Federal Reserve's independence and a softer US dollar, easing toward 98.5, further supported bullion prices. The move was reinforced by expectations of US rate cuts after December jobs data showed a sharper-than-expected slowdown in hiring. Markets are pricing in two rate reductions this year, while attention now turns to this week's US inflation report for clues on the Fed's policy outlook. Geopolitical risks remained elevated as protests in Iran entered a third week, keeping risk sentiment fragile. I...