By: Economy Middle east

UAE gold prices rose on Friday as global markets remained closed for ‌the ⁠Good Friday ​holiday. Gold rates increased, with 24-carat gold and 22-carat gold rising AED0.5 to AED563.5 and AED521.75, respectively.

Additionally, 21-carat gold gained AED0.5 to AED500.25, while 18-carat gold edged up AED0.25 to AED428.75.

Meanwhile, 14-carat gold rose AED0.25 to AED334.5.

Globally, spot gold was last trading 1.72 percent lower at $4,676.28 at market close, while silver was down 2.76 percent at $73.

On Thursday, gold prices reversed course and broke a four-day run of gains after U.S. President Donald Trump said the war in Iran would continue in the coming weeks. Market sentiment weakened after Trump said in a speech that the U.S. would intensify military action against Iran over the next two to three weeks, while repeating Washington’s position that Tehran must not be allowed to acquire nuclear weapons.

As gold prices declined, oil prices recovered after Trump’s speech, deepening worries over inflation and raising the prospect that the Federal Reserve’s interest rates could stay higher for longer, which tends to weigh on non-yielding assets like gold.

Markets are still pricing in a slight chance of a Fed rate cut for most of 2026, with only a modest 25 percent probability of a reduction seen by the December meeting. While gold prices are often supported during periods of geopolitical tension and rising prices, elevated interest rates reduce their appeal by increasing the cost of holding an asset that offers no yield.

Data on Thursday revealed that new U.S. jobless claims unexpectedly declined last week as layoffs remained subdued, indicating that labor market conditions stayed relatively steady in March. The Labor Department said that initial claims for state unemployment benefits fell by 9,000 to a seasonally adjusted 202,000 in the week ended March 28.

Investors are now looking forward to Friday’s U.S. jobs report for further signals on the Fed’s next steps, with monetary policy expectations remaining a major influence on gold prices.