The ongoing conflict in the Middle East has significantly disrupted the air freight of gold to Dubai, leading to spot prices trading at a discount of up to $30 per ounce compared to the London benchmark. The escalation of regional tensions and partial airspace closures have caused buyers to suspend orders due to increased transportation and insurance costs, as well as uncertain delivery times. As a result, a substantial amount of gold remains stranded in Dubai. The UAE, particularly Dubai, plays a vital role as a hub for gold bar refining, export, and transshipment in Asia.