Large quantities of gold stranded in Dubai are being sold at a discount.
PANews reported on March 7th that, according to Cailian Press, with the Middle East war causing flight cancellations and logistical disruptions, large quantities of gold stranded in Dubai are being sold at significant discounts. Sources revealed that due to exceptionally high transportation and insurance costs, and the inability to guarantee timely delivery, many buyers have suspended new purchase orders. As a result, under pressure from indefinitely incurring storage and financing costs, traders have begun selling gold at discounts of up to $30 per ounce below the London benchmark price. Sources said that although some gold shipments were loaded onto flights departing Dubai starting in the middle of this week, many shipments remained stranded as of Friday.
The United Arab Emirates, particularly Dubai, is a major global center for gold refining and trading, exporting gold not only to various parts of Asia but also serving as a crucial transit hub for gold from Switzerland, the United Kingdom, and several African countries. Due to the escalating conflict in the Middle East, parts of the UAE's airspace have been closed; meanwhile, the military strikes launched by the United States and Israel against Iran have entered their seventh day, with no end in sight.
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