In Dubai, which is an important center for the processing and export of precious metals, gold is being sold at huge discounts due to the closure of airspace and difficulties with its export, reports Bloomberg.
Many buyers have refused new orders, not wanting to pay extremely high delivery and insurance costs without a guarantee of quick delivery.
As a result, instead of endlessly paying for storage and financing, traders are offering discounts of up to 30 dollars per ounce compared to the global benchmark in London.
Many shipments have been stuck: only a portion of the ingots managed to be exported by flights in recent days.