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Reading: Today’s Gold Price in the Philippines: Decrease Reported by FXStreet
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Gulf Press > Business > Forex > Today’s Gold Price in the Philippines: Decrease Reported by FXStreet
Forex

Today’s Gold Price in the Philippines: Decrease Reported by FXStreet

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Last updated: 2024/08/19 at 10:55 PM
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Gold prices in the Philippines saw a decline on Monday, with the price per gram dropping to 4,583.25 Philippine Pesos (PHP) from 4,591.34 PHP on Friday. Similarly, the price per tola decreased from 53,552.45 PHP to 53,458.08 PHP. These prices are determined by FXStreet, which calculates Gold prices in the Philippines by adapting international prices (USD/PHP) to the local currency and measurement units. It is important to note that these prices are updated daily based on market rates at the time of publication and may slightly differ from local rates.

Gold has a significant role in human history, being used as a store of value and medium of exchange. In addition to its use in jewelry, Gold is widely regarded as a safe-haven asset, making it a popular investment during turbulent times. The precious metal is also seen as a hedge against inflation and depreciating currencies due to its independence from any specific issuer or government. Central banks are the largest holders of Gold, often acquiring it to support their currencies and improve the economy’s perceived strength. In 2022, central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves, the highest yearly purchase on record. Emerging economies like China, India, and Turkey are rapidly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, both significant reserve and safe-haven assets. When the Dollar depreciates, the price of Gold tends to rise, offering investors and central banks an opportunity to diversify their assets during uncertain times. The precious metal is also inversely correlated with risk assets; a rise in the stock market can weaken Gold prices, while sell-offs in riskier markets can benefit Gold. Various factors can influence the price of Gold, including geopolitical instability, fears of a recession, interest rates, and the behavior of the US Dollar. As a yield-less asset, Gold tends to increase with lower interest rates, while a stronger Dollar can keep Gold prices in check.

In the Philippines, the price of Gold is closely monitored by traders and investors, as it can serve as a reliable indicator of the market’s sentiment and economic stability. The fluctuations in Gold prices reflect global economic conditions and geopolitical events, making it a valuable asset for diversification and risk management. Retail investors in the Philippines often turn to Gold as a safe-haven investment during times of uncertainty, seeking to protect their wealth from market volatility. With the ongoing fluctuations in Gold prices, it is essential for investors to stay informed and make well-informed decisions based on market trends and analysis.

Overall, Gold remains a popular investment choice in the Philippines, offering a safe-haven asset that can protect against inflation and economic uncertainty. Its historical significance, as well as its role as a store of value and medium of exchange, continue to attract investors and central banks alike. With central banks increasing their Gold reserves and the metal’s inverse correlation with the US Dollar and risk assets, Gold prices are likely to remain a key focus for traders and investors in the Philippines and around the world. By staying informed on market trends and understanding the factors that influence Gold prices, investors can make effective decisions to manage risk and optimize their investment portfolios.

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News Room August 19, 2024
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