Gold Eases to $4,980 Following Surge Toward $5,000 Resistance

Spot gold climbed 2.6 percent to reach $5,003.85 per ounce by 16:36 GMT Wednesday, before easing to $4,980 at the time of publishing. Meanwhile, US gold futures for April delivery saw gains, rising 2.4 percent to settle at $5,024.

Meanwhile, the US Dollar showed a mixed performance as market participants turned their attention to the upcoming release of the Federal Open Market Committee (FOMC) minutes from the February policy meeting for further clarity on interest rates.

Since the beginning of the year, gold has surged by more than 15 percent, bolstered by shifting interest rate expectations and a gradual cooling of inflation.