Gold Shipments Stranded in Dubai as Iran War Grounds Flights

The mass cancellation of flights to and from bullion hub Dubai has left traders unable to move their metal, highlighting the potential bottlenecks to physical gold flows that could emerge from war in the Middle East.

The United Arab Emirates is an important spoke in the global gold market, refining and exporting bullion to buyers across Asia, as well as serving as a conduit for shipments from Switzerland and London. An unprecedented wave of Iranian missile fire over the weekend led the country to partially close its airspace and suspend flights in Dubai, grounding shipments of gold and silver carried in the cargo holds of passenger aircraft.