Gold prices in Indian markets fell for the first time this year on Friday. The price of the yellow metal of 24 carat purity was hovering around Rs 29,000 per 10 grams on Friday as against the previous Rs 29,400.

"Actually the price started falling in the global markets yesterday (Thursday) but Indian markets were closed (due to the Republic Day holiday). On Friday the price dropped for the first time in this year," Bachhraj Bamalwa, Director, emichand Bamalwa & Sons told IANS.

He said the prices went up by 6-7% in January as investors started buying the yellow metal speculating equity markets would drop following US President Donald Trump's inauguration speech. "But it was all speculative buying.

There was nothing significant in the speech which could jeopardise the equity market. The equity markets all over the world reacted positively following his speech," Bamalwa said.