Wolf (48) won the women's aged 45 to 49 discus with a throw of 21.44m from Vicki Evans (Pleasant Point) 21.29m.
She won the shot put with a throw of 9.14m. Evans was second with a put of 5.90m.
Wolf, a lecturer in history and art history at the University of Otago, grew up in New York and has lived in Dunedin since 2007.
Her brother is Augi Wolfe, who represented the United States at the Los Angeles Olympics in 1984 and came fourth in the shot put.
When he heard his sister was training for the Masters Games he sent her a pair of the latest style of throwing shoes and she used them in the competition.
Wolf, who also won gold medals in the two throwing events at the 2010 Games in Dunedin, had not competed in athletics since junior high school before coming to New Zealand.
"I'm reliving my childhood," she said. "The last time I competed in the States was in 1977."
She will have a busy Games and will also compete in swimming, football and basketball.
Wolf has entered into New Zealand life since settling in Dunedin and referees and coaches rugby.
The men's aged 70 to 74 shot put and discus were dominated by Australians who filled the top three placings.
Doug Magin was first with 8.77m and was followed by Bryan Thomas with 7.41m and Bruce Wiggins with 6.81m in the shot put.
Magin also won the discus with 23.94m from Wiggins with 19.66m and Thomas with 17.31m.
Wiggins (71), a retired veterinary surgeon, lives in the small village of Jaspers Bush in New South Wales. It has a population of only 14 people.
It hit the national headlines yesterday when a helicopter crashed near Wiggins' home.
"Very few people had heard about us but they all know us now," Wiggins said.
It was a successful championship for visitors from India with Mumbai lawyer Rohinton Mehta winning five gold medals in the men's aged 50 to 54 grade.
He won the 100m (14.08sec), 200m (29.69sec), 400m (61.02sec), long jump (3.60m) and high jump (1.25m).
His countryman, Ashok Kumar, won the men's aged 55 to 59 shot put (8.41m) and was runner-up in the discus (16.41m) and long jump (3.10m).
Former New Zealand cross-country representative Daniel O'Connell (Wellington) returned to his old home town to win the men's aged 60 to 64 400m (1min 12.48sec), 1500m (5min 23.23sec) and was second in the 800m (2min 44.68sec).
Peter Crawford (Katikati) won the men's aged 65-69 shot put (10.95m) and discus (32.68m).
Invercargill's Charlie Collett (82) won the men's aged 80 to 84 400m (2min 03sec) and 800m (5min 37.29sec) double. His son, Charlie Collett jun (57), was fourth in both the 800m and 1500m in the men's aged 55 to 59 grade.
Both titles were won by Geoff Anderson (Dunedin) with an 800m of 2min 24.52sec and 1500m in 4min 51.44sec.
The oldest athlete competing in track and field was Invercargill Alistair Mackay (84), who won five gold medals in the men's aged 80 to 84 grade: 100m (17.73sec), 200m (39.60sec), long jump (2.67m), shot put (6m), high jump (85cm).
