Gold in Dubai for sale with discounts due to export difficulties

  MOSCOW: Gold in Dubai is being sold at a highly discounted prices because of difficulties with taking the precious metal away from the cou...

 

MOSCOW: Gold in Dubai is being sold at a highly discounted prices because of difficulties with taking the precious metal away from the country after the conflict escalation in the Middle East, Bloomberg reports, citing sources.

According to them, gold prices in Dubai tumbled because of cancellation of flights, making the possibility of transporting the metal out of the UAE much more difficult. The number of buyers declined significantly also because of extraordinarily high insurance costs, Bloomberg noted. Traders offer discounts up to $30 per ounce as compared to the gold benchmark in the London market.

The UAE is an important center of refining and exports of precious metals to Asian and European countries, the news agency added.

-News Feed