Commodities
Gold Prices Rise in the Philippines Amid Central Bank Buying Spree
The price of gold in the Philippines rose on Monday to PHP 9,197.13 per gram, up from PHP 9,134.10 on Friday.
This increase comes as part of a broader trend where central banks have been adding gold to their reserves in recent years.
According to the World Gold Council, central banks added 1,136 tonnes of gold worth around $70 billion to their reserves in 2022, making it the highest yearly purchase since records began.