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Philippines Gold price today: Gold rises, according to FXStreet data
Developing
In Short: Inflation in the UK accelerated to 3.1% in August, driven by a 23% increase in motor fuel prices, while gold prices in the Philippines saw a rise, according to reports.
Inflation in the UK surged to 3.1% in August, marking its highest level in five months, primarily due to a significant 23% increase in motor fuel prices, according to the Office for National Statistics (ONS).
Petrol prices reached their highest level in nearly four years, with diesel also experiencing a substantial rise. The ONS reported that petrol prices climbed by 9.1p to 161.3p per litre between July and August, while diesel prices increased by 11.2p to 168.3p per litre.
Gold prices in the Philippines also saw an increase, with the price for gold standing at 8,670.82 Philippine Pesos (PHP) per gram, up from the previous day's price of 8,601.65 PHP per gram, according to FXStreet data.
Central banks added 1,136 tonnes of gold to their reserves in 2022, valuing around $70 billion, according to the World Gold Council. Despite a rally in the stock market typically weakening gold prices, the precious metal is currently facing fresh sellers above $4,300, stalling its recovery from six-week lows of $4,235 following hawkish US Federal Reserve monetary policy announcements.
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 still developing
- "This is the highest price recorded since November 2022," said the ONS.
- Capital Economics said, at this point, the effect of higher oil prices has not spilled over into other areas such as food and drink, where the pace of inflation remained at 1.3% in the year to August.
- Raven said changes in the oil price have a "real-time impact on us".
- Yael Selfin, chief economist at KPMG, said the VAT cut will only partially offset the impact of higher gas prices, which have been rising because of the Iran war and disruption to global supplies, including liquefied natural gas.
- "If gas prices remain around current levels, household energy bills could rise by a further double-digit amount from January, with an even larger increase possible if wholesale prices climb further," she said.
- Overall, motor fuel prices rose by 23% compared to August last year.
- 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.