BlockBeats News, March 6 — Due to the Middle East conflict causing flight cancellations and hindering suppliers from shipping gold bars out of 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 extremely high transportation and insurance costs without guaranteed timely delivery. According to informed sources, traders are offering discounts of up to $30 per ounce above the London Bullion Market Association (LBMA) benchmark price to avoid indefinite storage and financing costs.
Sources say that although some gold has been loaded onto flights leaving Dubai since midweek, a large amount of cargo remains stranded on Friday. The UAE, especially Dubai, is an important center for refining and exporting gold bars to buyers across Asia, and also serves as a transit hub for shipments from Switzerland, the UK, and several African countries. As the war between the US, Israel, and Tehran enters its seventh day with no signs of resolution, the region’s airspace has been partially closed due to numerous missile attacks from Iran. (Jin10)
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