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

Spot gold rose 2.6% to $4,893.59 per ounce by 1243 GMT, and U.S. gold futures for April delivery gained 0.5% to $4,914.10 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-U.S. 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 U.S. began high-stakes negotiations in Oman on Friday regarding Tehran's nuclear program.

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 4.4% at $74.37 an ounce on the day after falling below the $65 per ounce level during early Asia trading.

Gold was up 0.3% for the week, while silver was down more than 12% after shedding 18% last week, its biggest weekly fall since 2011.

The U.S. dollar lingered near a two-week high, pressuring precious metals this week, after President Donald Trump nominated Kevin Warsh as the next Federal Reserve Chair last week.

Meanwhile, the CME Group hiked margin requirements for gold and silver futures contracts on Thursday — its third increase in the last two weeks — as the exchange operator seeks to curb risks from heightened volatility in the precious metals market.

Gold premiums in India also more than halved from decadal highs this week as price volatility deterred buyers.

The U.S. non-farm payrolls report for January has been pushed back from Friday to February 11 due to a four-day partial government shutdown that has now ended.

Spot platinum added 0.6% to $1,999.15 per ounce, while palladium gained 3.5% to $1,673.09. Both were down for the week.