Philippine gold price drops to 8,681.85 pesos per gram

Gold prices in the Philippines declined on Friday. The cost per gram fell to 8,681.85 Philippine pesos. This represents a drop from 8,707.38 pesos on Thursday. The decrease amounts to 25.53 pesos per unit.

The price for one tola also decreased. It stood at 101,263.10 pesos on Friday. The previous day's rate was 101,561.20 pesos. This marks a reduction of 298.10 pesos per tola.

Daily price movements across units

Data compiled by GN auto markets/commodities: gold prices shows consistent downward movement. The 10-gram unit cost 86,818.50 pesos. The troy ounce price reached 270,035.90 pesos. These figures reflect local market adjustments from international rates.

FXStreet calculates these values using USD/PHP exchange rates. They adapt international prices to local currency and measurement units. The updates occur daily based on publication-time market rates. Local retail rates may diverge slightly from these reference figures.

Drivers of gold market behavior

Gold functions as a safe-haven asset during economic uncertainty. It serves as a hedge against inflation and currency depreciation. Central banks remain the largest holders of the metal. They often purchase gold to diversify reserves and support currency strength.

The metal shows an inverse correlation with the US Dollar. A depreciating dollar typically pushes gold prices higher. Conversely, a strong dollar tends to suppress gold values. Interest rates also play a critical role in price direction.

Central bank buying trends

Central banks added 1,136 tonnes of gold to reserves in 2022. This purchase was valued at approximately 70 billion US dollars. It marked the highest yearly purchase since records began. Emerging economies led this accumulation trend.

China, India, and Turkey significantly increased their holdings. These nations use gold to enhance perceived economic strength. High reserves can bolster trust in a country's solvency. This institutional demand provides a structural floor for prices.