Gold prices in Pakistan and the Philippines have remained steady amidst a weaker US Dollar and expectations of a Federal Reserve rate cut. According to FXStreet data, gold prices in Pakistan increased slightly on June 18, with the price per gram rising to 20,749.43 Pakistani Rupees (PKR) from 20,719.14 PKR on Monday. The price per tola also rose to 242,021.50 PKR from 241,664.00 PKR. This increase in gold prices can be attributed to the emergence of some US Dollar dip-buying, although any significant slide seems unlikely due to bets for two rate cuts by the Federal Reserve in 2024 [975aa171].
Similarly, gold prices in the Philippines remained broadly unchanged on July 4. The price for gold stood at 4,435.97 Philippine Pesos (PHP) per gram, compared with the PHP 4,435.79 it cost on Wednesday. The price for gold was broadly steady at PHP 51,740.78 per tola from PHP 51,738.14 per tola a day earlier [03528ee9].
Gold prices in the Philippines fell on July 14. The price for Gold stood at 4,523.81 Philippine Pesos (PHP) per gram, down compared with the PHP 4,528.38 it cost on Friday. The price for Gold decreased to PHP 52,764.88 per tola from PHP 52,818.11 per tola a day earlier. Central banks are the biggest Gold holders. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022. Gold has an inverse correlation with the US Dollar and US Treasuries. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. The price of Gold depends on factors such as the US Dollar's behavior and interest rates. FXStreet calculates Gold prices in the Philippines by adapting international prices (USD/PHP) to the local currency and measurement units [66951227] [03528ee9] [cda4adf9].
