Gate News Report, March 7 — Due to the Middle East conflict, parts of UAE airspace have been closed, resulting in flight restrictions. Many buyers have delayed new orders because of high shipping and insurance costs and the inability to guarantee timely delivery. Sources say that to avoid indefinite storage and financing costs, Dubai traders are selling gold at discounts of up to $30 per ounce below London benchmark prices. Although some gold has been loaded onto outbound flights since midweek, a large amount of cargo remains stranded as of Friday.
The UAE, especially Dubai, is an important refining and transit hub for exporting gold to Asian buyers, and also serves as a transit route for gold shipments from Switzerland, the UK, and several African countries. As the war between the US, Israel, and Iran enters its seventh day with no signs of resolution, gold transportation via passenger aircraft cargo holds has been disrupted. Due to the risks and complexities of overland border crossings, traders and logistics companies are reluctant to transport high-value goods overland to airports in Saudi Arabia, Oman, and other countries.
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