Philippines Gold Prices Slide as US Dollar Strengthens

Gold prices in the Philippines took a slight dip on Monday, according to FXStreet's data. The price per gram fell to PHP 8,745.38 from its previous value of PHP 8,784.43. This decrease is also reflected in the price per tola, which dropped to PHP 102,003.80 from PHP 102,459.90 on Friday.

The drop in gold prices is not unusual, given the inverse correlation between gold and the US Dollar. When the dollar strengthens, the price of gold tends to decrease. However, it's essential to note that FXStreet calculates gold prices by adapting international prices (USD/PHP) to the local currency and measurement units.

FXStreet emphasizes that their prices are just for reference and may diverge slightly from local rates. Gold has been a widely held asset due to its safe-haven status, making it a popular choice during turbulent times. Central banks have also increased their gold reserves in recent years, with the highest yearly purchase since records began being 1,136 tonnes worth around $70 billion in 2022.