Angel Broking has come out with its report on Gold, Silver. According to research firm Gold is expected to trade higher today as rising worries with respect to global economic uncertainty will boost safe-haven demand for gold.

Gold: Spot gold prices rose 1.1 percent on Tuesday mainly on the back of dollar weakness coupled with global economic concerns which increased safe-haven demand for gold. The yellow metal hit an intra-day high of $1843/oz and ended its trading session at $1833/oz yesterday. On the MCX, the yellow metal gained almost 1 percent and touched an intra-day high of Rs 28,304/10 gms on Tuesday. Holdings in the SPDR Gold Trust, world’s largest gold-backed exchange-traded-fund (ETF), edged lower to 1,241.311 tonnes by 13th September from a two and a half-week high of 1,241.917 tonnes on 9th September.

Silver: Taking cues from rise in gold prices coupled with dollar weakness spot silver prices surged more than 2 percent on Tuesday. The white metal touched an intra-day high of $41.28/oz and closed the trade above the level of $41/oz yesterday. MCX Silver rallied around 2.8 percent on account of Rupee depreciation and touched an intra-day high of Rs 65,690/kg on Tuesday. Holdings in the iShares Silver Trust, the world’s largest silverbacked exchange-traded fund, rose 0.3 percent to 9956.32 tonnes by 13th September from the previous 9923.03 tonnes on 12th September 2011.

Outlook: Gold is expected to trade higher today as rising worries with respect to global economic uncertainty will boost safe-haven demand for gold. Silver is expected to trade with a sideways bias today as it will take mixed cues from a stronger dollar, downside in base metals and choppy sentiments in the global equity markets.

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