Gold broke through US$5,200 for the first time on Wednesday and was just shy of the US$5,300 level as the dollar plunged to a near four-year low amid persisting geopolitical concerns, ahead of a U.S. Federal Reserve monetary policy decision.

Spot gold climbed 1.8% to US$5,279.94 per ounce, as of 0733 GMT, after scaling a record high of US$5,285.35 earlier. It has gained more than 20% since the start of the year. U.S. gold futures for February delivery surged 3.8% to US$5,274.80 per ounce.