Dubai Gold Shipments Face Disruption Due to Flight Cancellations

Physical gold shipments through Dubai’s trading hub will be severely limited in the coming days. Airlines have cancelled flights following U.S.-Israeli strikes on Iran and Tehran’s retaliation. Three metals industry sources confirmed the disruptions.

Dubai serves as a major gold supplier to Switzerland, Hong Kong, and India. Gold typically travels by plane due to its high value and security needs. One source noted most airlines have stopped flights, meaning no gold will move for several days.

The global supply impact will depend on how long the disruptions last. Spot gold prices closed Friday up 1.7% at $5,277 per troy ounce. This marked their highest level since January 30.

Many analysts expect safe-haven inflows into gold when markets open Monday. Gold’s record high was $5,594.82 on January 29. JPMorgan forecasts gold prices could reach $6,300 by year-end.

Financial flows on markets in Shanghai, London, and New York will likely dominate Monday’s trading. Major locations like China, India, New York, London, and Zurich remain operational, a precious metals trader said.