Gold prices in the Philippines fell on Tuesday, according to data compiled by FXStreet.
Gold was priced at 4,548.67 Philippine pesos (PHP) per gram, down from 4,555.94 on Monday.
The gold price fell to PHP53,054.75 per tola from PHP53,139.59 per tola a day earlier.
| Unit of measurement | Gold price in PHP |
|---|---|
| 1 gram | 4,548.67 |
| 10 grams | 45,486.67 |
| Tola | 53,054.75 |
| Troy ounce | 141 478.90 |
FXStreet calculates gold prices in the Philippines by adjusting international prices (USD/PHP) to local currency and units of measurement. Prices are updated daily based on market rates at the time of publication. Prices are provided for informational purposes only and local rates may vary slightly.
Gold FAQs
Gold has played a key role in human history, as it has been widely used as a store of value and medium of exchange. Today, aside from its shine and operate in jewelry, the precious metal is widely considered a safe and sound haven asset, meaning it is considered a good investment during turbulent times. Gold is also widely considered a hedge against inflation and currency depreciation, as it is not dependent on any particular issuer or government.
Central banks are the largest holders of gold. In order to support their currencies in times of turmoil, central banks tend to diversify their reserves and buy gold to improve the perceived strength of the economy and currency. High gold reserves can be a source of confidence in a country’s solvency. Central banks added 1,136 tons of gold, worth about $70 billion, to their reserves in 2022, according to the World Gold Council. This is the highest annual purchase since records began. Central banks in emerging economies such as China, India and Turkey are rapidly increasing their gold reserves.
Gold has an inverse correlation with the U.S. dollar and U.S. Treasury bonds, which are the primary reserve and safe and sound haven assets. When the dollar loses value, gold tends to rise, allowing investors and central banks to diversify their assets during turbulent times. Gold also has an inverse correlation with risk assets. A rally in the stock market tends to weaken the price of gold, while sell-offs in riskier markets tend to favor the precious metal.
The price can fluctuate due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly cause the price of gold to rise due to its safe-haven status. As a non-yielding asset, gold tends to rise with lower interest rates, while a higher cost of money tends to weigh on the yellow metal. Still, most of the movements depend on the performance of the US dollar (USD), since the asset is priced in dollars (XAU/USD). A forceful dollar tends to control the price of gold, while a weaker dollar is likely to boost gold prices.
(An automation tool was used to create this post.)
