Gold Still On The Rise; Copper Stabilizes
Published 2014-03-12 08:13:45| Amwal Al Ghad English
Gold prices on Wednesday found further support from the tensions in Ukraine and were headed for their third consecutive days of gains, while copper took a pause from all the recent selling to hover in break-even territory. Gold for April delivery rose another $11.70, or 0.9%, to $1,358.40 an ounce in electronic trade, while May silver added 36 cents, or 1.7%, to $21.17. A day earlier, gold scored its second-straight advance as worries over Russia’s standoff in Ukraine and fears of a slowdown in China drew buyers to the perceived safety of the precious metal. “Investors are meticulously watching on how long gold will sustain its rally until we see a dramatic drop in prices amid easing tensions in Ukraine,” Simple Sahni of Heraeus Metals wrote. “As long as nervousness, uncertainty and fear exist about the situation, gold should continue to see gains.” Elsewhere in metals trading, April platinum rose $9.10, or 0.6%, to $1,473.70 an ounce, while June palladium added a dime to $770.60. Copper has been in focus this week due to its abysmal performance of late. The commodity is by far the worst performer among all precious and base metals, with a drop of almost 10% this year. However, Barclays believes the worst is likely over, or at least close to it. On Wednesday, high-grade copper for May delivery remained flat at $2.95 a pound.
- Gold Still On The Rise; Copper Stabilizes
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Get To Know
On February 25, Ibrahim Mehleb was named as Egypt’s new prime minister, succeeding Dr. Hazem el-Beblawi. Mehleb was minister of housing in the recently resigned Hazem El-Beblawi government. Early Life & Education: Born in 1949, Mehleb graduated with a degree in engineering from Cairo University in 1972. He then worked for Arab Contractors in 1972, the leading state-owned constructions company in Egypt. Early Career: Mehleb was gradually promoted in Arab Contractors, first as director of Bridges Constructions department in the company, then its technical manager in Saudi Arabia, then board member, then vice president, until he became the Chairman of the Board. He has been the Chairman of the Board, Chief Executive Officer and President of The Arab Contractors Osman Ahmed Osman & Co since November 2001. Under Mehleb's leadership, the company carried out major projects in Cairo, including the construction of major bridges. He served as the Chief Operating Officer of Abdullah A. M. Al-Khodari Sons Company. He served as Manager of Bridge Department since December 1994. He served as Technical Manager of Saudi Arab Contractors Company from 1985 to 1987 In July 2013, he was appointed as the Minister of Housing in the military-installed Beblawi government.
Brent crude steadied around $108 a barrel on Thursday as the West and Russia engaged in high-stakes diplomacy to cool the crisis in Ukraine. The North Sea benchmark has fallen $4 since peaking on Monday, when investors grew concerned over the crisis between Ukraine and Russia. European Union leaders meeting in Brussels were set to warn but not sanction Russia, whose forces have seized control of Ukraine's Crimea region. The foreign ministers of Russia and the United States are due to meet again on Thursday in Rome. Brent was off 30 cents under $108, after settling $1.54 lower. The contract hit $112.39 on Monday, its highest since Dec. 30. U.S. crude was 80 cents lower, sinking under $101 after dropping $1.88 in the previous session. Oil was pressured further by a larger than expected rise in U.S. crude stocks and data showing private employers in the United States added fewer workers than forecast in February. Elsewhere, U.S. crude oil stockpiles rose more than expected last week as imports increased and refinery output fell, data from the Energy Information Administration (EIA) showed on Wednesday. Crude oil inventories rose by 1.4 million barrels in the week ending Feb. 28, compared with analyst expectations for a build of 1.3 million barrels.
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