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Reading: Today’s gold price in the Philippines: Gold remains stable, based on FXStreet data
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Gulf Press > Business > Forex > Today’s gold price in the Philippines: Gold remains stable, based on FXStreet data
Forex

Today’s gold price in the Philippines: Gold remains stable, based on FXStreet data

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Last updated: 2024/12/31 at 4:03 PM
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Gold prices in the Philippines remained steady on Tuesday, with the price per gram at 4,856.06 Philippine Pesos (PHP), showing minimal change from the previous day. The price per tola also remained stable at PHP 56,640.18. FXStreet calculates the Gold prices in the Philippines by adapting international prices to the local currency and measurement units, with prices updated daily based on market rates at the time of publication. It is important to note that local rates may slightly differ from the calculated prices.

Gold has a long history of being used as a store of value and medium of exchange, in addition to being a popular material for jewelry. It is also considered a safe-haven asset, making it a favorable investment option during times of economic turbulence. The precious metal is viewed as a hedge against inflation and depreciating currencies, as it is not reliant on any specific issuer or government. Central banks are major holders of Gold, with many diversifying their reserves by purchasing Gold to enhance the strength of their economy and currency.

Central banks across the world have been increasing their Gold reserves, with a total of 1,136 tonnes of Gold worth approximately $70 billion added to reserves in 2022, marking the highest yearly purchase on record. The move to acquire more Gold is seen as a way to bolster a country’s solvency and increase trust in the economy. Emerging economies like China, India, and Turkey are among the countries rapidly growing their Gold reserves. Gold has an inverse correlation with the US Dollar and US Treasuries, major reserve and safe-haven assets. When the Dollar depreciates, Gold prices tend to rise, making it a popular diversification option for investors and central banks during uncertain times.

Various factors can influence the price of Gold, including geopolitical instability, fears of a recession, and interest rates. Gold tends to rise with lower interest rates, as it is a yield-less asset, while a stronger Dollar typically keeps the price of Gold in check. On the other hand, a weaker Dollar is likely to push Gold prices higher. The precious metal is also inversely correlated with risk assets, with a stock market rally typically weakening Gold prices and a sell-off in riskier markets favoring the metal. Overall, most price movements are closely tied to the behavior of the US Dollar since Gold is priced in dollars.

In conclusion, Gold prices in the Philippines have remained relatively stable, reflecting the metal’s status as a safe-haven asset and store of value. Central banks around the world continue to increase their Gold reserves, signaling a growing trust in the precious metal’s ability to enhance economic strength and stability. Factors such as geopolitical events, interest rates, and currency movements can all impact the price of Gold, making it a popular choice for investors seeking diversification and protection during uncertain times. As Gold prices continue to be closely linked to the behavior of the US Dollar, investors and central banks will need to monitor both assets closely to make informed decisions.

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News Room December 31, 2024
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