Gold Hits New 2-Year High

Gold prices surged to a two-year high in Asia trade on Wednesday, extending the rush to haven assets since the U.K. voted to leave the European Union. 
Spot gold hit an intraday high of $1,371.23 per troy ounce, before slipping to $1,368.15 per ounce. 
Investors have been snapping up gold as the value of the euro and pound sterling have fallen in the wake of the Brexit vote. The pound slumped to a 31-year low overnight, and comments from the Bank of England renewed worries about prolonged uncertainty in Europe. BOE Governor Mark Carney said Tuesday the central bank wouldn't be able to completely mitigate economic pain. 
The next big driver of gold prices will be the release on Wednesday of the U.S.Federal Reserve's committee notes from its last meeting. The U.S.Federal Open Market Committee kept rates unchanged at its June 14-15 meeting, and the minutes are likely to provide insights into that decision as well as about its intentions on rates in the future. 
The Fed has largely struck a dovish tone and that is unlikely to change given the uncertainty gripping markets because of Brexit. Both gold and silver have gained on expectations that central banks may ease monetary policies to contain the economic fallout of Britain's decision. 
Earlier this week, silver prices hit a two-year high, driven by huge demand from Chinese and other investors. 
Silver is currently trading at $20.26 per ounce, slightly lower than the price of $21.132 per ounce touched on Monday. 
Indian demand for gold and silver is also expected to pick up soon due to bountiful monsoon showers that will boost crop harvests this year. India and China are the dominant consumers of gold and silver.