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Dubai gold is experiencing rare discounted trading, possibly due to logistics disruptions caused by the Middle East conflict
As the Middle East conflict leads to flight cancellations and logistics disruptions, a large amount of gold stranded in Dubai is being sold at a noticeable discount.
Insiders reveal that due to exceptionally high transportation and insurance costs, and the inability to guarantee timely delivery, many buyers have suspended new procurement orders. As a result, under the pressure of indefinitely bearing storage and capital costs, traders have started selling gold at discounts of up to $30 per ounce below the London benchmark price.
Sources say that although some gold has been loaded onto flights leaving Dubai since the middle of this week, as of Friday, many batches of gold remain stranded. The UAE, especially Dubai, is a significant global hub for gold refining and trading, exporting gold to various parts of Asia and serving as an important transit point for gold to Switzerland, the UK, and several African countries. Due to the escalation of the conflict in the Middle East, some airspace in the UAE has been closed; meanwhile, the military strikes by the US and Israel against Iran have entered their seventh day, with no signs of an end in sight.
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