In recent years, the United Arab Emirates has emerged as a significant center for the trade of precious metals. Gold is usually carried in the cargo compartments of passenger airplanes. Since February 28, numerous flights to and from Dubai have either been canceled or experienced delays.
Since exporting gold from the UAE has become challenging, several buyers are either canceling prior orders or selling their existing holdings.
According to Bloomberg, the discounts are now as high as $30 per ounce, which is about 31.1 grams, compared to the London Bullion Market Association’s price of $5,100 as of March 5.
source: bloomberg.com
