Philippines Gold Price Sees Gains Amid Central Bank Buying Spree

Gold prices in the Philippines rose on Wednesday to PHP 8,670.10 per gram from PHP 8,607.13 a day earlier, according to data compiled by FXStreet.

This increase is part of a broader trend where central banks are diversifying their reserves and buying gold to support their currencies during turbulent times.

Central banks added 1,136 tonnes of gold worth around $70 billion to their reserves in 2022, the highest yearly purchase since records began.