Gold prices surged to a fresh record on Wednesday, climbing above $4,800 per ounce as global investors rushed toward safe-haven assets amid rising political and economic uncertainty.

Spot gold jumped 1.2% to $4,821.26 per ounce by 0226 GMT, after touching an intraday record of $4,843.67 earlier in the session. U.S. gold futures for February delivery also advanced 1% to $4,813.50 per ounce.

Analysts said the rally was driven by a weaker U.S. dollar and growing concerns over President Donald Trump’s renewed push to take control of Greenland. His remarks reignited fears of a fresh trade conflict with Europe and rattled global markets. Over the weekend, Trump said there was “no going back” on his Greenland goal and did not rule out the use of force, while also criticizing NATO allies.

Although Trump later tried to ease tensions by saying a mutually acceptable solution could be reached, European leaders responded sharply. French President Emmanuel Macron warned that Europe would not bow to intimidation or tariff threats linked to Greenland.

Market experts said investor confidence in the U.S. has weakened, prompting a shift away from the dollar and U.S. Treasuries toward gold. A softer dollar, hovering near three-week lows against the euro and Swiss franc, made gold cheaper for overseas buyers, further boosting demand.

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Asian stock markets fell for a third consecutive session, reflecting growing risk aversion. Meanwhile, the Federal Reserve is widely expected to keep interest rates unchanged later this month, a scenario that typically supports non-yielding assets like gold.

Other precious metals showed mixed performance. Spot silver slipped to $93.59 per ounce, platinum fell to $2,445.96, and palladium eased to $1,857.19.