Gold prices fell in the Philippines on Friday, in line with a broader global downtrend in the bullion market, according to data compiled by FXStreet.
As of Friday, the price of gold in the local market stood at PHP 5,755.34 per gram, marking a drop from PHP 5,790.95 per gram recorded on Thursday. Likewise, the price of gold per tola slipped to PHP 67,129.12, down from PHP 67,544.50 the previous day.
The updated gold prices in Philippine Pesos (PHP) are as follows:
1 Gram: PHP 5,755.34
10 Grams: PHP 57,555.16
1 Tola: PHP 67,129.12
1 Troy Ounce: PHP 179,005.60
The local price movement reflects global trends, where gold has come under pressure due to a strengthening U.S. dollar and reduced demand for safe-haven assets. Investor sentiment has shifted following signs of easing geopolitical tensions, including progress in U.S.-China trade negotiations and muted inflation data in the United States, which has moderated expectations for aggressive interest rate cuts by the Federal Reserve.
Despite the recent drop, analysts note that gold remains a popular asset in uncertain economic climates, particularly as central banks across Asia and the Middle East continue to increase their gold reserves as a hedge against currency volatility and inflation.
Local gold demand in the Philippines tends to be influenced by both international spot prices and domestic economic conditions, including currency exchange rates and import duties.
As global bullion markets remain volatile, further fluctuations in local gold prices are expected in the coming days.
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