Gold price extends record run, with $4,900 in sight

Gold extended its record rally to almost $4,900 per ounce on Wednesday, as geopolitical tensions surrounding Greenland and a meltdown in Japanese government debt kept safe-haven demand elevated.

Spot gold spiked as much as 2% to a record $4,887.19 per ounce before paring some gains. This marks the first time ever that gold has crossed the $4,800 threshold, and it comes a day after prices first broke past the $4,700-an-ounce level.

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