Gold gains on safe-haven demand-

Gold prices gained on Friday, rebounding from a sharp selloff in the previous session, as global equities fell and US-Iran tensions lingered, while the CME Group raised margins on precious metals to counter risk, reports Reuters.

Spot gold rose 2.3 per cent to $4,879.06 per ounce by 1112 GMT, and US gold futures for April delivery gained 0.2 per cent to $4,900.90 per ounce.

"I do see a bit of a safe-haven investment coming in, but bear in mind that there is still some caution after last Friday's selloff... we still have this fear about Iran-US tension that is still intact," said Kelvin Wong, a senior market analyst at OANDA.

"It's going to be a very near-term choppy price movement for gold between $5,169, which is the key short-term resistance and the key short-term support at the $4,400 level."

Iran and the US started high-stakes negotiations in Oman on Friday regarding Tehran's nuclear programme.

A global stock rout on Wall Street spilled into Asia on Friday, leaving many regional benchmarks in the red.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver was up 4.2 per cent at $74.21 an ounce on the day after falling below the $65 per ounce level during early Asia trading.