Traders are offering gold at discounts of up to $30/oz below the London benchmark, as the war in the Middle East grounds flights out of the UAE.

The UAE imported 1,392 tons of gold in 2024, worth +$100 billion, making it a top global bullion hub.

With airspace partially closed due to Iranian missile strikes, suppliers cannot move gold out and are cutting prices rather than paying for storage.

Gold supply chains are seeing some cracks