Svmuu News As the Middle East war leads to flight cancellations and logistics disruptions, a large amount of gold stranded in Dubai is being sold at significant discounts. Informed sources reveal that due to exceptionally high transportation and insurance costs, coupled with the inability to guarantee timely delivery, many buyers have suspended new purchase orders. Consequently, under the pressure of indefinite storage and capital costs, traders have begun selling gold at discounts of up to $30 per ounce below the London benchmark price.
Sources stated that although some gold shipments have been loaded onto flights departing Dubai since mid-week, many batches remained stranded as of Friday. The UAE, particularly Dubai, is a crucial global hub for gold refining and trade, not only exporting gold to various parts of Asia but also serving as a key transit point for gold shipments to Switzerland, the UK, and several African countries. Due to the escalating Middle East conflict, parts of UAE airspace have been closed; meanwhile, the military strikes launched by the US and Israel against Iran have entered their seventh day, with no end in sight yet. (Cailian Press)