Gold settles near 2-year high; silver soars nearly 3%

Gold futures climbed toward a two-year high Wednesday, and silver rallied by nearly 3% as the precious metals gained momentum on the back of a weaker U.S. dollar.

Global markets continued to sort out risks tied to the U.K.’s plan to split from the European Union. “It is not all risk-on today…because the yellow metal is shining again as smart money is wary of current [riskier-asset] gains,” said Naeem Aslam, chief market analyst at ThinkForex.

August gold GCQ6, -0.60% gained $9, or 0.7%, to settle at $1,326.90 an ounce. Prices, returned to their best settlement level since July 11, 2014.

Gold futures trade around 0.3% higher for the week. Year to date, futures are up more than 25%.

Among the exchange-traded funds, the SPDR Gold Trust GLD, +0.41%  gained 1% as of gold’s settlement. The VanEck Vectors Gold Miners ETF GDX, +2.07%  rose 3.5%.

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