Large quantities of gold stranded in Dubai are being sold at a discount.

CoinFeed 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 the pressure of indefinitely bearing 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 has been loaded onto flights leaving Dubai since the middle of this week, many gold shipments remained stranded as of Friday. The UAE, especially Dubai, is a major global gold refining and trading center, exporting gold not only to various parts of Asia but also serving as a crucial transit hub for gold from Switzerland, the UK, and several African countries.