Declining number of rigs in the US Strong rise in prices due to impact on crude oil production

•  Bounce behind the world market in gold and silver in the closed market locally
•  Prices of precious metals palladium and platinum saw a reversal over the weekend

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 aviation and industrial activities are starting. Last week, crude oil closed higher. 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, gold of 99.50 per ten grams excluding GST, which closed at Rs 46,911 yesterday, rose to Rs 47,200 in private today. The price of 99.90 gold rose from Rs 47,100 to Rs 47,350 in private. Prices with GST were quoted three per cent higher. Silver.999 which yesterday closed at Rs 47,045 per kg excluding GST was today trading at Rs 47,500, bouncing in private.

Gold for immediate delivery traded at 17 1,734.70 an ounce and 17 17.22 an ounce of silver over the weekend. The global market has seen an inflow of E. 16.80 billion in gold ETFs in the last five months, with America 12 billion being 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. Platinum was down Play 835.70 an ounce over the weekend while palladium was down to 1965 an ounce.

Growth in crude oil has been maintained. New York's main contract rose 6 percent to close at 33 33.25 a barrel over the weekend. Brent Cd rose 11 percent to 35.15 over the weekend. 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 US has dropped by 21 to 237. Which, at an 11-year low. In private, the dollar fell from Rs 75.96 to close at Rs 75.90.