The conflict in the Middle East has disrupted air freight of gold from Dubai, with spot prices trading at a discount of up to $30 to the London benchmark.
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According to ME News, on March 6th (UTC+8), citing sources familiar with the matter, air freight of gold to Dubai was disrupted due to the escalation of the Middle East conflict and the partial closure of regional airspace. Some spot gold was being sold at a discount of up to $30/ounce to the London global benchmark price. Buyers suspended orders due to soaring transportation and insurance costs and uncertain delivery times, leaving a large amount of gold stranded in Dubai on Friday. The UAE, especially Dubai, is a crucial hub for gold bar refining, export, and transshipment in Asia. (Source: ME)
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