Asian shares mostly extended their losses on Wednesday and gold prices hit a record high as concerns over US President Donald Trump's tariff threats on Greenland fuelled unease among investors. US futures rose after steep losses Tuesday on Wall Street. The future for the S&P 500 was up 0.3 per cent and that for the Dow Jones Industrial Average rose 0.2 per cent.

Gold prices crossed the USD 4,800 mark for the first time, gaining 1.7 per cent as money flowed into assets considered to be safe havens at times of uncertainty.
Traders were waiting for Trump's planned speech at the World Economic Forum in Davos, Switzerland, attended by world leaders, elites and billionaires. Trump told reporters he planned to highlight his administration's accomplishments during his address.