Hong Kong, Jan 21 (AP) 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.

Trump's Air Force One returned to Washington after its crew identified “a minor electrical issue” while he was on his way to Davos. He was to board another aircraft and resume his trip.

In Asian trading, Tokyo's Nikkei 225 slipped 0.7 per cent to 52,603.44. Markets in Japan have been riled both by geopolitical uncertainty and by domestic issues.

Japanese Prime Minister Sanae Takaichi has called a snap election for February 8, sending yields of long-term government bonds to record levels. The assumption is that Takaichi, who is capitalising on strong public support ratings to try to consolidate a majority for her Liberal Democratic Party, will cut taxes and boost spending, adding to the challenges Japan faces in handling its massive government debt.

The yield on the 40-year Japanese government bond was trading at 4.095 per cent early Wednesday, down from the all-time high of 4.22 per cent that it hit on Tuesday.

South Korea's Kospi shed 0.5 per cent to 4,862.17.

Hong Kong's Hang Seng slipped 0.2 per cent to 26,435.20. The Shanghai Composite index edged 0.2 per cent higher, to 4,120.10.

In Australia, the S&P/ASX 200 gave back 0.4 per cent to 8,781.70.

Taiwan's Taiex fell 0.9 per cent, and India's Sensex edged up 0.1 per cent.

Trump has said he will impose 10 per cent tariffs on Denmark, Norway, Sweden, Germany, France, the United Kingdom, the Netherlands and Finland beginning in February. That would be on top of a 15 per cent tariff specified by a trade agreement with the European Union that has yet to be ratified.

European leaders have hit back as Washington's relations with its Western allies sour, considering countermeasures, including perhaps slow-walking ratification of the trade agreement or ordering retaliatory tariffs, analysts say.

The US president had linked his position on Greenland to him not being awarded the Nobel Peace Prize last year, as he told Norway's prime minister he no longer felt “an obligation to think purely of Peace.” On Tuesday, the S&P 500 fell 2.1 per cent to 6,796.86, the steepest drop for the benchmark index since October.

The Dow Jones Industrial Average dropped 1.8 per cent to 48,488.59. The Nasdaq composite fell 2.4 per cent to 22,954.32.

Nvidia, one of the world's most valuable companies, fell 4.4 per cent. Apple dropped 3.5 per cent. Retailers, banks and industrial companies also suffered steep losses. Lowe's fell 3.3 per cent, JPMorgan Chase fell 3.1 per cent, and Caterpillar lost 2.5 per cent.

The Federal Reserve is set to meet next week for its policy meeting, and Wall Street is betting it will hold steady its benchmark interest rate. Japan's central bank will wrap up its first monetary policy meeting on Friday.

In other dealings early Wednesday, US benchmark crude oil lost 56 cents to USD 59.80 per barrel. Brent crude, the international standard, shed 70 cents to USD 64.22 per barrel.

The US dollar dropped to 158.08 Japanese yen from 158.16 yen. The euro was nearly unchanged at USD 1.1719. (AP) NPK NPK