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Philippines Gold price today: Gold falls, according to FXStreet data
Developing
In Short: Gold prices in the Philippines dropped on Friday, according to data from FXStreet, as central banks around the world added to their gold reserves.
Gold prices in the Philippines fell on Friday, according to data compiled by FXStreet," said the report. "This comes as 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.
Gold has played a key role in human history as a store of value and medium of exchange, and is widely seen as a hedge against inflation and depreciating currencies," explained the report. "Central banks, especially those from emerging economies like China, India, and Turkey, are increasing their gold reserves to support their currencies in turbulent times.
Background
The Philippines, officially the Republic of the Philippines, is an archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of about 7,641 islands, with a total area of about 300,000 square kilometers.
What's confirmed
- Gold prices fell in Philippines on Friday, according to data compiled by FXStreet.
- 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.
- A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. (An automation tool was used in creating this post.) Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet.
- The price for Gold stood at 8,681.85 Philippine Pesos (PHP) per gram, down compared with the PHP 8,707.38 it cost on Thursday.
- The price for Gold decreased to PHP 101,263.10 per tola from PHP 101,561.20 per tola a day earlier.
- 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.
- 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.
- 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.
What's still developing
- Her… Crude oil inventories in the United States saw a decrease of 400,000 barrels during the week ending September 4, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday.
- The decrease brings commercial stockpiles to 424.1 million barrels, according to government data, which are now on par with the five-year average for this time of year.
- The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 300,000 barrels in the period.