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Commodities

Philippines Gold Price Dips Amid Peso Conversion and Central Bank Demand

Guavy AI Editorial Team
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Gold
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Gold prices in the Philippines declined on Wednesday, dropping to PHP 8,745.51 per gram from Tuesday's rate of PHP 8,772.79.

The dip is attributed to factors such as the peso conversion, central bank demand, and US dollar movements.

Central banks have been major gold holders, adding 1,136 tonnes worth around $70 billion to their reserves in 2022, according to the World Gold Council.

Gold prices are inversely correlated with the US Dollar and US Treasuries, making its price dynamics closely tied to XAU/USD.

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