Producers of metals, grains and other raw materials rose as traders bet the Federal Reserve would hold off on rate hikes.

More Federal Reserve officials favored raising interest rates last month than the three who formally dissented, and others signaled they would back an increase if inflation doesn't improve, according to the meeting minutes.

Gold futures rose 2.83% to $4489.40 a troy ounce, their highest close since May as the U.S. dollar lost ground against rivals following the U.S. Treasury Department's pledge to increase bond buybacks.