diff --git a/exporter/otlp-metrics/CHANGELOG.md b/exporter/otlp-metrics/CHANGELOG.md
index 2151e8eaa..6a274b08a 100644
--- a/exporter/otlp-metrics/CHANGELOG.md
+++ b/exporter/otlp-metrics/CHANGELOG.md
@@ -1,5 +1,9 @@
 # Release History: opentelemetry-exporter-otlp-metrics
 
+### v0.3.0 / 2025-01-08
+
+* ADDED: Gauge metrics exporter encoding
+
 ### v0.2.1 / 2024-12-04
 
 * FIXED: Handle float value in NumberDataPoint
diff --git a/exporter/otlp-metrics/lib/opentelemetry/exporter/otlp/metrics/version.rb b/exporter/otlp-metrics/lib/opentelemetry/exporter/otlp/metrics/version.rb
index 4dd459fd6..7640052da 100644
--- a/exporter/otlp-metrics/lib/opentelemetry/exporter/otlp/metrics/version.rb
+++ b/exporter/otlp-metrics/lib/opentelemetry/exporter/otlp/metrics/version.rb
@@ -9,7 +9,7 @@ module Exporter
     module OTLP
       module Metrics
         ## Current OpenTelemetry OTLP exporter version
-        VERSION = '0.2.1'
+        VERSION = '0.3.0'
       end
     end
   end
diff --git a/exporter/otlp-metrics/opentelemetry-exporter-otlp-metrics.gemspec b/exporter/otlp-metrics/opentelemetry-exporter-otlp-metrics.gemspec
index 0729f3e37..bbcd01844 100644
--- a/exporter/otlp-metrics/opentelemetry-exporter-otlp-metrics.gemspec
+++ b/exporter/otlp-metrics/opentelemetry-exporter-otlp-metrics.gemspec
@@ -29,8 +29,8 @@ Gem::Specification.new do |spec|
   spec.add_dependency 'google-protobuf', '>= 3.18', '< 5.0'
   spec.add_dependency 'opentelemetry-api', '~> 1.1'
   spec.add_dependency 'opentelemetry-common', '~> 0.20'
-  spec.add_dependency 'opentelemetry-metrics-api', '~> 0.1'
-  spec.add_dependency 'opentelemetry-metrics-sdk', '~> 0.2'
+  spec.add_dependency 'opentelemetry-metrics-api', '~> 0.2'
+  spec.add_dependency 'opentelemetry-metrics-sdk', '~> 0.5'
   spec.add_dependency 'opentelemetry-sdk', '~> 1.2'
   spec.add_dependency 'opentelemetry-semantic_conventions'
 
diff --git a/metrics_api/CHANGELOG.md b/metrics_api/CHANGELOG.md
index afbcca5ea..bb73745fa 100644
--- a/metrics_api/CHANGELOG.md
+++ b/metrics_api/CHANGELOG.md
@@ -1,5 +1,10 @@
 # Release History: opentelemetry-metrics-api
 
+### v0.2.0 / 2025-01-08
+
+* ADDED: Add synchronous gauge
+* DOCS: Add documentation for Metrics API instruments
+
 ### v0.1.1 / 2024-10-22
 
 * FIXED: Refactor instrument validation
diff --git a/metrics_api/lib/opentelemetry/metrics/version.rb b/metrics_api/lib/opentelemetry/metrics/version.rb
index ab557fc81..fc9c43e1e 100644
--- a/metrics_api/lib/opentelemetry/metrics/version.rb
+++ b/metrics_api/lib/opentelemetry/metrics/version.rb
@@ -7,6 +7,6 @@
 module OpenTelemetry
   module Metrics
     ## Current OpenTelemetry metrics version
-    VERSION = '0.1.1'
+    VERSION = '0.2.0'
   end
 end
diff --git a/metrics_sdk/CHANGELOG.md b/metrics_sdk/CHANGELOG.md
index 57e69fb90..a442524c0 100644
--- a/metrics_sdk/CHANGELOG.md
+++ b/metrics_sdk/CHANGELOG.md
@@ -1,5 +1,9 @@
 # Release History: opentelemetry-metrics-sdk
 
+### v0.5.0 / 2025-01-08
+
+* ADDED: Add synchronous gauge
+
 ### v0.4.1 / 2024-12-04
 
 * FIXED: Handle float value in NumberDataPoint
diff --git a/metrics_sdk/lib/opentelemetry/sdk/metrics/version.rb b/metrics_sdk/lib/opentelemetry/sdk/metrics/version.rb
index c33a284e9..440bfed4d 100644
--- a/metrics_sdk/lib/opentelemetry/sdk/metrics/version.rb
+++ b/metrics_sdk/lib/opentelemetry/sdk/metrics/version.rb
@@ -8,7 +8,7 @@ module OpenTelemetry
   module SDK
     module Metrics
       # Current OpenTelemetry metrics sdk version
-      VERSION = '0.4.1'
+      VERSION = '0.5.0'
     end
   end
 end
diff --git a/metrics_sdk/opentelemetry-metrics-sdk.gemspec b/metrics_sdk/opentelemetry-metrics-sdk.gemspec
index 1919305ac..3de7a6151 100644
--- a/metrics_sdk/opentelemetry-metrics-sdk.gemspec
+++ b/metrics_sdk/opentelemetry-metrics-sdk.gemspec
@@ -26,7 +26,7 @@ Gem::Specification.new do |spec|
   spec.required_ruby_version = '>= 3.0'
 
   spec.add_dependency 'opentelemetry-api', '~> 1.1'
-  spec.add_dependency 'opentelemetry-metrics-api', '~> 0.1.1'
+  spec.add_dependency 'opentelemetry-metrics-api', '~> 0.2'
   spec.add_dependency 'opentelemetry-sdk', '~> 1.2'
 
   spec.add_development_dependency 'benchmark-ipsa', '~> 0.2.0'