By Micah Jonah
March 1, 2026
Physical gold shipments to and from Dubai’s major bullion trading hub are expected to be severely disrupted in the coming days after airlines suspended flights amid United States and Israeli strikes on Iran and Tehran’s retaliation.
Industry sources said widespread flight cancellations have effectively stalled the movement of gold, which is typically transported by air due to its high value-to-weight ratio and insurance considerations.
Dubai serves as a key gold transit and trading centre, supplying major markets including Switzerland, Hong Kong and India – one of the world’s largest consumers of bullion.
“It looks like most if not all airlines have cancelled their flights, so there’s not going to be any gold moving for a couple of days,” one metals industry source said.
Analysts noted that the broader impact on global gold supply will depend largely on how long the disruption lasts. While Dubai plays a central role in physical bullion flows, major financial trading hubs in China, India, New York, London and Zurich are expected to continue operating.
Spot gold prices closed 1.7% higher on Friday at $5,277 per troy ounce, the highest level since January 30. Market watchers anticipate further safe-haven demand when trading resumes, amid heightened geopolitical uncertainty. Gold’s recent record high of $5,594.82 was set on January 29.
Despite the temporary disruption to logistics in Dubai, traders suggest that financial market activity in Shanghai, London and New York will likely dominate price movements in the short term.
The situation remains fluid as regional tensions continue to weigh on global markets and trade flows.
