Gold broke through $5,200 for the first time on Wednesday, as the dollar plunged to a near four-year low amid persisting geopolitical concerns.
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Gold prices remained higher on Wednesday after the Federal Reserve kept interest rates unchanged, as was widely expected.
Spot prices were up 1.7% at $5,276.53. Futures tied to the precious metal traded $5,276.60. Earlier in the day, gold traded above $5,300 — hitting record levels.
“Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization,” the post-meeting statement said. “Inflation remains somewhat elevated.”