Gold prices in the Philippines fell on Thursday, based on FXStreet figures. Gold was priced at PHP 9,140.53 per gram, down from PHP 9,210.80 on Wednesday.
Gold also slipped to PHP 106,613.40 per tola from PHP 107,433.00 a day earlier. Other listed prices were PHP 91,402.31 for 10 grams and PHP 284,302.50 per troy ounce.
FXStreet converts global gold prices into Philippine pesos using the USD/PHP rate and local units. The figures are updated daily using market rates at the time of publication, and are for reference as local prices may vary.
Central banks are the largest holders of gold. In 2022, they added 1,136 tonnes worth about $70 billion, the highest annual purchase on record, according to the World Gold Council.
Gold often moves in the opposite direction to the US Dollar and US Treasuries, and can also move against risk assets. Prices can change with geopolitical events, recession fears, interest rates, and shifts in the US Dollar, since gold is priced in dollars.
We are seeing a minor dip in the gold price today, April 23, 2026, but this short-term noise should not distract from the larger picture. For traders, this is not a signal to sell, but rather a moment to assess the underlying market strength. The key drivers for gold remain bullish, and this small pullback is insignificant in the broader context.
The most important factor is interest rate policy, as gold is a yield-less asset. We remember the aggressive U.S. Federal Reserve rate hikes that peaked at 5.5% back in 2023, but the current environment is very different with expectations of further easing. This general trend toward lower interest rates reduces the appeal of holding cash and bonds, making gold more attractive.
We must also consider the persistent demand from central banks, which provides a strong floor for the price. Looking back, we saw them add over 1,000 tonnes to their reserves in both 2022 and 2023, a trend that continued through 2024 and 2025. This institutional buying from emerging economies is a powerful force that limits how far prices can fall.
The U.S. Dollar, which is inversely correlated with gold, is also a key consideration. While the Dollar Index has been hovering near the 104 level, the prospect of more interest rate cuts in the U.S. than in other major economies could weaken it. A falling dollar typically pushes the price of gold higher.
Given these factors, any price weakness in the coming weeks should be viewed as a buying opportunity. We believe traders should look to establish long positions, perhaps using call options to capture potential upside while defining their risk. Betting against gold in this macroeconomic environment appears to be the more dangerous trade.
