On March 7, according to Bloomberg, many buyers have temporarily halted new orders due to flight restrictions, high shipping and insurance costs, and the inability to guarantee timely delivery. Sources familiar with the matter said that traders are selling gold at discounts of up to $30 per ounce below the London benchmark price to avoid paying indefinite storage and financing costs. Although some gold has been loaded onto outbound flights since mid-week, a large amount of cargo remains stranded as of Friday.

The United Arab Emirates (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, parts of UAE airspace have been closed. Gold is typically transported via passenger aircraft cargo holds, but due to the risks and complexities of overland border crossings, traders and logistics companies are reluctant to transfer high-value goods overland to airports in countries like Saudi Arabia and Oman. #黄金白银走高