Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold gained another 0.6%, closing at more than a two-year high above $1,367, as Brexit worries continued to drive safe-haven demand. Silver jumped 1.5% to settle at $20.20. Both metals extended their gains after hours when the minutes from the Fed's June meeting showed growing resistance to raising interest rates.

The newly-released FOMC minutes showed dovish members becoming more vocal in convincing their colleagues to keep rates steady. While a number urged caution until Brexit fallout becomes better understood, many also expressed concern that softer job gains and weak business investment "could portend a broader slowdown."

The dollar fell after the Fed minutes, dropping 0.2% against major rivals despite a tumbling British pound, as traders speculated that rates will remain steady for the near future. A weaker dollar supports gold and other commodities by making them less expensive to foreign buyers.

Gold has surged more than 8% since the Brexit vote on June 23, as turmoil in global markets has driven investors around the world into safe-haven assets. Silver has done even better, rocketing more than 16% higher. With more industrial applications than gold, silver is also gaining momentum from promises of deeper monetary easing in Europe and China, intended to stimulate growth in manufacturing and trade.

Platinum and palladium also rallied, gaining 1.3% and 0.8%, respectively.

At the Comex close: August gold gained $8.40 to $1,367.10; September silver jumped 30 cents to $20.20; October platinum climbed $14.40 to $1,091.30; and September palladium added $4.90, to $607.55 an ounce.