Global airlines cancelled flights across the Middle East after the United States and Israel launched strikes on Iran on Saturday. Thus, resulting in a new conflict for the UAE. The physical gold flows have been cancelled as of now amidst the US-Iran crisis.
This means that gold will no longer be flown by any flight to and from Dubai's billion-dollar trading hub. The trading hub will be strictly restrained in the upcoming days. The decision came just after several airlines cancelled flights. The flights got cancelled due to U.S. and Israeli strikes on Iran and Tehran's retaliation, as reported by several news outlets. Below is detailed information about what happened.
Dubai's trading hub is a major supplier of gold to India, Switzerland, and Hong Kong. Among these, India is a major consumer. Gold is transported by plane due to insurance and security issues. This is because Gold has a high value-to-weight ratio.
Global air travel has been facing turmoil since March 1, 2026, as the war in Iran forced the shutdown of important Middle Eastern hubs. This includes Doha, Dubai, and Abu Dhabi for a third day. This eventually resulted in the stranding of tens of thousands of passengers globally and in disruptions to the usual flight schedules for thousands of flights.
Looking ahead, some sources highlighted that "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." According to some sources, the impact on the supply of gold will depend on how long this conflict lasts.
As of now, spot gold prices closed on Friday up 1.7% at $5,277 per troy ounce. This is the highest since January 30. In line with this, several analysts expect “safe-haven inflows into bullion once the market opens on Monday.” The highest rate for Gold was $5,594.82 on January 29.
So, what does this mean for the common people? Well, it is estimated that the gold price might rise due to this mishap. Gold prices have already been on the rise for the past few years, and this could add up more.
Also read: Gold Price Today: MCX Gold Tops Rs. 1.66 Lakh, Silver Surges Over 3% Amid US-Israel’s Attack on Iran