Wall Street posted modest gains on Wednesday, while gold extended its relentless rally, shattering records above $5,300 an ounce ahead of the Federal Open Market Committee meeting.

The yellow metal is now up more than 22% this month, putting it on track for its strongest monthly performance since January 1980. Meanwhile, silver rose nearly 3% to $114 per ounce, eyeing its best-performing month ever after surging 59% year-to-date.

U.S. equities opened higher but lost momentum as the session wore on. The S&P 500 briefly touched a fresh all-time high near 7,000 before slipping about 30 points in midday New York trading. The Nasdaq 100 outperformed, rising 0.4% to break above 26,000 and move…

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