Gold jumped 4% on Wednesday, closing in on $5,400 an ounce for the first time as investors bought the metal amid mounting economic and geopolitical uncertainty. Spot gold — the cash price for immediate delivery — was up 4% at $5,393.19 an ounce at 4:08 p.m. ET, while February U.S. gold futures, contracts for later delivery, settled 4.3% higher at $5,303.60. The surge came even as the Federal Reserve left rates unchanged and investors largely looked past Fed Chair Jerome Powell’s remarks. “The rally in the precious metals has kind of taken on a life of its own at this point,” said Peter Grant, vice president and senior metals strategist at Zaner Metals, who warned gold is “overbought” — a technical term that can signal the price has risen too far, too fast. “Precious metals simply don't care that the Fed is clearly in hiatus mode, rather than pause,” said Tai Wong, an independent metals trader.