Gold extended its bullish run above $4,800 per ounce on Wednesday, setting a fresh record, as escalating tensions over Greenland boosted demand for safe-haven assets. President Donald Trump, attending the World Economic Forum in Davos, remained firm on his plan to acquire the Arctic island. Greenland’s prime minister urged citizens to prepare for a potential military move, though he called it unlikely. The tensions follow Trump’s threat to impose an additional 10% import tariff on several European nations from February 1, potentially rising to 25% in June unless a deal on the island is reached. Adding to the metal’s haven appeal, a meltdown in Japanese government bonds has heightened concerns about the fiscal health of major economies, fueling the “debasement trade” as investors shun currencies and sovereign debt. Meanwhile, investors are awaiting the delayed US PCE inflation report later this week, which could offer further insight into the Federal Reserve’s interest rate outlook.