The declining number of rigs in the US has led to a sharp rise in prices due to the impact on crude oil production

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(Commercial Representative) Mumbai, Ta. May 23, 2020, Saturday

The local gold and silver market, which closed on Saturday, witnessed a rise in private prices. The rise in gold and silver in the world market was due to the rise in unemployment claims in the United States. Lockdowns are reopening around the world and as aviation and industrial activities begin, crude oil closed higher last week.

The rupee strengthened against the dollar at home. Gold ETFs have also seen significant flows globally in the current year.

In the domestic gold and silver market, the price of gold, which is 8.50 per gram, excluding GST, which closed at Rs 511 yesterday, rose to Rs 200 in private today. The price of gold rose from Rs 2,100 to Rs 30 in private. Prices with GST were quoted three per cent higher. Silver. 3, which was closed at Rs 305 per kg excluding GST yesterday, jumped to Rs 200 today.

Gold for immediate delivery traded at ડો 18.50 an ounce and silver at ૭ 16.5 an ounce over the weekend. In the last five months, gold ETFs have seen an inflow of ૬ 16.50 billion in the global market, of which અમેરિકા 15 billion was in the US alone.

Gold is also on the rise due to high unemployment in the US, friction between China and the US and a rise in the KD. However, other precious metals, palladium and platinum, saw a rebound. At the end of the week, the price of platinum fell to ૮૩૫ 2.50 an ounce, while palladium fell to ૯૬૫ 12 an ounce.

Growth in crude oil has been maintained. New York's main contract, light sweet crude, rose 5 percent to close at ૨૫ 4.5 a barrel over the weekend. Brent Cd was up 11 percent at the weekend, crossing ૩૫ 6 at the end of the week and closing at ૩૫ 2.15. The decline in the number of rigs in the US has had an impact on production and the opening of a lockdown has pushed up demand and crude oil prices have risen.

The number of oil rigs in the United States has dropped by 21 to six. Which is at an 11-year low. In private, the dollar fell from Rs 7.5 to close at Rs 2.50.

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