Gold shipments through Dubai are set to stall for several days after airlines suspended flights amid U.S. and Israeli strikes on Iran and Tehran’s response, according to three industry sources and Reuters.

Because gold is typically transported by air for security and insurance reasons, the cancellations are expected to sharply limit physical flows.

Reuters writes that Dubai is a key supplier to Switzerland, Hong Kong and India. Sources said the broader impact on global supply will depend on how long the disruption lasts. They spoke on condition of anonymity.

Gold futures jumped 3% on Monday morning prior to the cash open in New York. The record high stands at $5,594.82, set on January 29.

Despite the shipping disruption, traders said major financial hubs — including China, India, New York, London and Zurich — remain operational, and market activity on Monday is expected to be driven mainly by financial flows rather than physical supply.

Elsewhere in the world of precious metals, on COMEX, gold delivery volume for February matched what was seen in December.

Despite being below the big months over the last year (Feb/Apr/Oct 2025), the delivery volume was still very strong on an overall historical basis. Inventory heading into March looked sufficient, but it'll be interesting to see how that landscape has shifted now in the wake of the new geopolitical turmoil.