Gold price rose on increasing demand for safe-haven assets as global stock markets dropped due to concerns over the weak global economic growth and falling oil prices.

According to the People's Bank of China (PBoC), China's gold holdings rose by 0.9% to 57.18 million ounces in January from 56.66 million ounces in December.

The central bank's gold holdings climbed by 7.2% since July 2015. The PBoC announced last July that the country's holdings jumped 57% since 2009.

SPDR Gold Trust's holdings increased 0.7% to 698.46 tonnes on Friday.

March futures for gold on the COMEX today increased to 1196.30 dollars per ounce.