PRECIOUS-Gold, silver and platinum extend record‑setting rally

Jan 23 (Reuters) - Gold notched another record high on Friday, while silver and platinum also extended gains to hit all-time peaks, powered by geopolitical and economic uncertainties, a weaker dollar and bets for U.S. Federal Reserve interest rate cuts.

FUNDAMENTALS

Spot gold XAU= was up 0.5% at $4,961.57 per ounce, as of 0057 GMT, after scaling a record $4,966.59 earlier in the day.

U.S. gold futures GCcv1 for February delivery added 1.1% to $4,964.60 per ounce.

EU leaders heaved a sigh of relief over U.S. President Donald Trump's U-turn on Greenland as they met for an emergency summit in Brussels late on Thursday while issuing a warning that they were ready to act if Trump was to threaten them again.

Trump for his part said he had secured total and permanent U.S. access to Greenland in a deal with NATO, whose head said allies would have to step up their commitment to Arctic security to ward off threats from Russia and China.

But the details of any agreement were unclear and Denmark insisted its sovereignty over the island was not up for discussion.

U.S. consumer spending increased solidly in November and October, likely keeping the economy on track for a third straight quarter of strong growth, but the labor market is still stuck in what economists and policymakers have termed a "low-hiring, low-firing" state.

The dollar index .DXY fell to a more than two-week low on Friday, making greenback-priced metals cheaper for overseas buyers.

Spot silver XAG= rose 0.9% to $97.01 an ounce, after hitting a record high of $97.44 earlier.

Spot platinum XPT= gained 1.4% to $2,665.85 per ounce after hitting a record $2,684.43 earlier, while palladium XPD= edged 0.1% lower to $1,917.50.