LONDON, Jan 23 (Reuters) - Gold rallied to record highs on Friday in both sterling and euro terms as volatility in the equity and currency markets prompted buying of gold as a haven from risk.

Gold priced in euros XAUEUR=R rose to a record high of 685.70 an ounce, up from a previous high of 685.37 reached in October. Sterling-priced gold XAUGBP=R climbed to an all-time high of 648.51. (Reporting by Jan Harvey; Editing by Peter Blackburn)