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Philippines Gold price today: Gold falls, according to FXStreet data
Developing
In Short: Gold prices in the Philippines declined on Friday, according to data from FXStreet.
Gold prices in the Philippines fell on Friday, according to data compiled by FXStreet. The price for Gold stood at 8,681.85 Philippine Pesos (PHP) per gram, down from the previous day's price of 8,707.38 PHP per gram. The price for Gold also decreased to PHP 101,263.10 per tola from PHP 101,561.20 per tola a day earlier.
A rally in the stock market tends to weaken Gold prices, while sell-offs in riskier markets tend to favor the precious metal. 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. High Gold reserves can be a source of trust for a country's solvency, and central banks from emerging economies such as China, India, and Turkey are quickly increasing their Gold reserves.
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. It 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.
According to reports, central banks added 1,136 tonnes of Gold to their reserves in 2022, a significant increase from previous years. This trend is driven by the desire to diversify reserves and bolster confidence in the economy. Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets.
Traders are awaiting key central bank events before placing fresh directional bets, as Gold struggles to capitalize on Friday's modest bounce from sub-$4,300 levels. The precious metal oscillates in a narrow band at the start of a new week. Meanwhile, 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).
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
- 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.
- Diesel Prices Top $6 a Gallon for First Time Ever Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.