Gold Prices Remain Stable in Philippines on July 29

Gold prices in the Philippines remained largely unchanged on July 29, according to data compiled by FXStreet. The price of gold stood at PHP 7,948.84 per gram, stable compared to the previous day's price of PHP 7,953.40.

The price for gold was steady at PHP 92,713.48 per tola from PHP 92,766.91 per tola a day earlier. FXStreet calculates gold prices in the Philippines by adapting international prices (USD/PHP) to the local currency and measurement units.

Gold is widely regarded as a safe-haven asset and a hedge against inflation and depreciating currencies. 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.