Gold surged on Wednesday as investors rushed into the precious metal following remarks from Federal Reserve Chair Jerome Powell. The yellow metal jumped 6% to surpass $5,400 per ounce, extending its ongoing bull market.

Silver and platinum posted even larger percentage gains, but gold—with an estimated market capitalization around $40 trillion—stood out as the clear leader.

The rally accelerated after Powell’s press conference, following the Fed’s decision to hold the benchmark federal funds rate steady at 3.50%–3.75%. When asked about gold and silver’s rapid ascent, Powell cautioned against interpreting it as a macro signal. “Don’t take too much message into [that] macroeconomically,” he said, adding that the Fed’s credibility remains solid.

Bitcoin remains sidelined

Bitcoin (BTC $82,740.49) traded in a narrow range, dipping slightly after the Fed’s remarks and hovering near $89,000, effectively flat over the past 24 hours. Other major cryptocurrencies showed similar subdued trading.

Questions for “digital gold”

The gap between gold and bitcoin raises questions about BTC’s status as “digital gold.” Despite macro tailwinds such as a weaker dollar and rising geopolitical risks, bitcoin has struggled, while gold has surged more than 90% over the past year.

“We’re in a market regime where crypto is underperforming the assets it was meant to rival,” said James Harris, CEO of crypto yield platform Tesseract Group. “Gold is reclaiming market share from bitcoin amid repricing of geopolitical and fiscal risks.”