Published by Global Banking & Finance Review®
Posted on March 1, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleAirlines have suspended flights to/from Dubai due to US‑Israeli strikes on Iran, sharply curbing physical gold flows as air cargo routes are disrupted, driving gold prices to multi‑week highs amid safe‑haven demand.
LONDON, March 1 (Reuters) - Physical gold flows to and from Dubai's bullion trading hub will be severely curbed in coming days as airlines cancel flights due to U.S. and Israeli strikes on Iran and Tehran's retaliation, three metals industry sources said.
Dubai's trading hub is a major gold supplier to Switzerland, Hong Kong and India, a major consumer. Gold travels by plane due to security and insurance issues stemming from its value-to-weight ratio.
"It looks like most if not all airlines have cancelled their flights, so not going to be any gold moving for a couple of days," one of the sources said.
The impact on the global supply will depend on the length of disruption, the sources said. They declined to be named because they are not authorised to speak to the press.
Spot gold prices closed on Friday up 1.7% at $5,277 per troy ounce, their highest since January 30, with many analysts expecting safe-haven inflows into bullion once the market opens on Monday. Gold's record high was $5,594.82 on January 29.
The market on Monday is likely to be dominated by financial flows on markets in Shanghai, London and New York, another source said.
"The major locations - China, India, New York, London and Zurich - are still okay," a precious metals trader said.
(Reporting by Polina Devitt; Editing by Emelia Sithole-Matarise)
Gold flows are being disrupted due to airlines cancelling flights after US-Israeli strikes on Iran and Tehran's retaliation.
The duration depends on how long flight disruptions continue, with no gold likely to move for at least a couple of days.
Switzerland, Hong Kong, and India—major gold consumers—are mainly affected by disruptions from Dubai.
Spot gold prices rose 1.7%, reaching their highest since January 30, with expectations of more safe-haven inflows.
Markets in China, India, New York, London, and Zurich remain operational despite Dubai’s disruption.
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