Overview
- Physical bullion stuck in Dubai is being offered at up to $30 an ounce below the London benchmark, according to traders cited in Bloomberg reporting.
- Many consignments remain delayed even after some loads moved since midweek, with a partial UAE airspace closure following Iranian missile strikes curbing passenger flights used for gold transport.
- Dubai’s central role as a refining and transit hub for flows from Switzerland, the UK and several African countries to Asian buyers is amplifying the market impact.
- Indian market participants say inventories are sufficient for now, but Metals Focus cautions that months of continued disruption could create supply problems.
- MMTC-PAMP reports disrupted doré supply from the Middle East and a 60%–70% jump in logistics costs for new contracts, while port congestion at Jebel Ali has stranded hundreds of agricultural containers, including large volumes of grapes.