Gold prices rose in Philippines on Sunday, according to data compiled by FXStreet.
The price for Gold stood at 4,524.23 Philippine Pesos (PHP) per gram, up compared with the PHP 4,508.25 it cost on Friday.
The price for Gold increased to PHP 52,769.27 per tola from PHP 52,583.34 per tola a day earlier.
| Unit measure | Gold Price in PHP |
|---|---|
| 1 Gram | 4,524.23 |
| 10 Grams | 45,241.90 |
| Tola | 52,769.27 |
| Troy Ounce | 140,724.00 |
FXStreet calculates Gold prices in Philippines by adapting international prices (USD/PHP) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD rebounds from over two-week low as US political jitters weigh on USD
AUD/USD kicks off the new week on a positive note around the 0.6680 region touched on Friday. US President Joe Biden's exit from the presidential race increased the odds for former President Donald Trump and boosted investors' appetite for riskier assets. This comes on top of dovish Fed expectations, which prompts fresh US Dollar selling.
EUR/USD holds positive ground near 1.0900 amid weaker US Dollar
The EUR/USD pair gains ground near 1.0895 during the early Asian session on Monday. The decline of the US Dollar provides some support for the major pair. The German Retail Sales for May are due later in the day, followed by the US Chicago Fed National Activity Index for June.
Gold jumps above $2,400 amid a risk-averse environment
Gold price attracts some buyers around $2,410, snapping the three-day losing streak during the early Asian session on Monday. The yellow metal edges higher amid the political uncertainty in the United States after the report that US President Joe Biden dropped out of the US presidential race.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer, Worldcoin, Ethena, and Space ID set for a combined token unlock worth about $200 million.
US President Joe Biden stands down from reelection, endorses Kamala Harris
Following a long week of political turmoil, United States President Joe Biden announced on Sunday that he will end his reelection bid and will speak to the nation later this week in more detail about his decision.