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Gold prices in the Philippines rose on Thursday, according to the data collected by Fxstreeet.
Gold price reached 6,045.50 Bizo Philippine (PHP) per gram, an increase compared to 6,009.94 PHP costs on Wednesday.
The price of gold has risen to 70,513.49 PHP per Tola from 70,098.71 php for each Tola the day before.
| Unit | The price of gold in PHP |
|---|---|
| 1 gram | 6,045.50 |
| 10 grams | 60,460.25 |
| Tire | 70,513.49 |
| Specify an ounce | 188,037.00 |
FXSTREEET calculates gold prices in the Philippines by adapting international prices (USD/php) with local currency units and measurement. Prices are updated daily based on the market prices that were taken at the time of publication. Prices are only to return to them and local prices can diverge a little.
Common Gold questions
Gold played a major role in human history, as it was widely used as a store for value and exchange. Currently, regardless of its brilliance and use of jewelry, the precious metal is widely seen as a safe asset, which means it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against currency decline because it does not depend on any specific source or government.
Central banks are the largest gold holders. In their goal to support their currencies at troubled times, central banks tend to diversify their reserves and buy gold to improve the powerful power and currency. High gold reserves can be a source of confidence to the dissolved country. Central banks added 1136 tons of gold worth $ 70 billion to their reserves in 2022, according to the data of the Golden Golden Council. This is the highest annual purchase since the start of the records. Central banks of emerging economies such as China, India and Turkey increase their gold reserves.
Gold has a counter -relationship with the US dollar and the United States Treasury, which is one of the main reserves and safe assets. When the dollar decreases, gold tends to rise, allowing investors and central banks to diversify their assets at turbulent times. Gold is inversely associated with the origins of the risk. The assembly in the stock market weakens the price of gold, while sales in the most dangerous markets tend to prefer precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of deep stagnation can escalate the price of gold due to its safe situation. As a lower asset than the return, gold tends to rise with low interest rates, while the high cost of money usually reaches the yellow metal. However, most moves depend on how the US dollar (USD) is behaved as the original is priced in dollars (Xau/USD). The strong dollar tends to maintain the price of gold -controlled gold, while the weakest dollar is likely to increase the price of gold.
(The automation tool was used to create this post.)
