Dubai gold faces "flight suspension" crisis as air transport disruption leads to significant discount
BlockBeats News, March 6, due to the suspension of flights caused by the Middle East conflict, which has hindered suppliers' ability to ship gold bars from this key trading hub, Dubai gold is being sold at significant discounts. Many buyers have stopped placing new orders because they are unwilling to pay abnormally high transportation and insurance costs without a guarantee of timely delivery. According to informed sources, traders are offering discounts of up to $30 per ounce below the London global benchmark price to avoid indefinitely paying storage and financing costs.
Sources said that although some gold has been loaded onto flights leaving Dubai since midweek, a large amount of cargo remained stranded as of Friday. The UAE (especially Dubai) is an important center for refining and exporting gold bars to buyers across Asia, and also serves as a transshipment hub for goods from Switzerland, the UK, and several African countries. As the war between the US, Israel, and Tehran enters its seventh day with no sign of resolution, and after the region's airspace was partially closed due to a large-scale missile attack by Iran, significant disruptions continue. (Golden Ten Data)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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