Friday, gold prices increased in the Philippines, according to data compiled by FXSTREET.
The price of gold was 5,822.60 Pesos Philippins (PHP) per gram, compared to PHP 5 795.93, it costs Thursday.
The price of gold has increased to 67,913.52 PHP per tola from PHP 67 602.53 per tola one day earlier.
| Unit measurement | PHP gold price |
|---|---|
| 1 gram | 5,822.60 |
| 10 grams | 58,225.87 |
| Tola | 67 913.52 |
| Ouvy | 181,103.10 |
FXSTREET calculates gold prices in the Philippines by adapting international prices (USD / PHP) to local and measurement units. Prices are updated daily depending on the market rates taken at the time of publication. The prices are just for the reference and the local prices could slightly diverge.
FAQ GOLD
Gold played a key role in the history of man because it was widely used as a reserve of value and means of exchange. Currently, apart from its shine and its use for jewelry, precious metal is largely considered as an asset in Houmle, which means that it is considered a good investment at the turbulent time. Gold is also widely considered as coverage against inflation and the depreciation of currencies because it was not based on a specific transmitter or government.
Central banks are the biggest gold holders. In their objective of supporting their currencies at the turbulent time, central banks tend to diversify their reserves and buy gold to improve the perceived force of the economy and money. High gold reserves can be a source of confidence for the solvency of a country. The central banks added 1,136 tonnes of gold worth around $ 70 billion to their reserves in 2022, according to World Gold Council data. This is the highest annual purchase since the start of the files. The central banks of emerging savings such as China, India and Turkey quickly increase their gold reserves.
Gold has an opposite correlation with the US dollar and American treasury vouchers, which are both the main security and security assets. When the dollar depreciates, gold tends to increase, allowing investors and central banks to diversify their assets on turbulent times. Gold is also inversely correlated with risk assets. A stock exchange on the stock market tends to weaken the price of gold, while sales in the risky markets tend to promote precious metal.
The price can evolve due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly degenerate gold prices because of its security status. As an without efficiency, gold tends to increase with lower interest rates, while the cost of higher silver generally weighs the yellow metal. However, most movements depend on how the US dollar (USD) behaves as the asset is assessed in dollars (XAU / USD). A strong dollar tends to maintain the price of controlled gold, while a lower dollar is likely to raise gold prices.
(An automation tool has been used to create this post.)
