Gold prices rose in the Philippines on Thursday, according to data compiled by FXStreet.
The price for Gold stood at 4,945.65 Philippine Pesos (PHP) per gram, up from the PHP 4,917.63 it cost on Wednesday.
The price for Gold increased to PHP 57,684.38 per tola from PHP 57,358.28 per tola a day earlier.
| Measurement unit | Gold price in PHP |
|---|---|
| 1 gram | 4,945.65 |
| 10 grams | 49,455.89 |
| Tola | 57,684.38 |
| Troy ounce | 153,826.90 |
FXStreet calculates gold prices in the Philippines by converting international prices (USD/PHP)
to the local currency and units of measurement. Prices are updated daily according to market rates taken at the time of the
publication. Prices are for reference only and local rates may vary slightly.
Gold FAQ
Gold has played a central role in human history as it has been widely used as a store of value and as a medium of exchange. Currently, apart from its luster and use for jewellery, the precious metal is widely seen as a safe-haven asset, meaning it is considered a good investment in turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies because it is not dependent on any particular issuer or government.
Central banks are the largest holders of gold. In their aim to support their currency in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the strength of the economy and the currency. High gold reserves can be a source of confidence for a country's solvency. Central banks added 1,136 tons of gold worth about $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest annual purchase since records began. Central banks from emerging economies such as China, India and Turkey are rapidly increasing their gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, both of which are major reserve and safe haven assets. When the Dollar depreciates, Gold tends to rise, allowing investors and central banks to diversify their assets in turbulent times. Gold is also associated with risk assets. A rally in the stock market tends to weaken the price of Gold, while selling in riskier markets tends to favor the precious metal.
The price can fluctuate due to a wide range of factors. Geopolitical instability or fear of a deep recession can cause the price of Gold to rise rapidly due to its safe haven status. As a non-yielding asset, Gold tends to rise with lower interest rates, and the yellow metal usually has a higher cost of money down. However, most movements depend on how the US Dollar (USD) behaves because the asset is priced in dollars (XAU/USD). A strong dollar tends to control the price of Gold, but a weaker Dollar is likely to push Gold prices up.
(An automation tool was used to create this post.)
Source: https://www.fxstreet.com/news/philippines-gold-price-today-gold-rises-according-to-fxstreet-data-202412190500
