Gold rate today in Davao

Gold rate in Davao today

Converted at today's rates, pure 24k gold costs about 8,210 PHP per gram in Davao, and 22k about 7,526 PHP. Per 10 grams, a common size for small bars and rate boards, that is about 82,098 PHP for 24k. These are spot-based figures, before any tax, premium or making charge.

The central bank's gold buying station in Davao

Davao City has one of the gold buying stations of the Bangko Sentral ng Pilipinas, the central bank, listed in 2017 together with Quezon City, Baguio, Zamboanga and Naga.

The stations sit near the gold mining areas, so miners in Mindanao can sell gold to the central bank without travelling to Manila. The gold is then refined in Metro Manila.

What moves the gold price in Davao

The Philippine peso gold price is simply the dollar price of gold multiplied by the exchange rate. Today that means about $4,042.7 per ounce times 63.164 PHP per dollar. The peso gold price is the dollar price times USD/PHP, so when the peso weakens the local gold price rises even with no change in New York, and when it strengthens local gains shrink.

The dollar price itself responds to US interest-rate expectations, the strength of the dollar, inflation data, central-bank buying and geopolitical risk. Our guide to what moves gold prices covers each in turn.

Premiums, making charges and tax in Davao

The shelf price in Davao is higher than the converted figure above. A shop adds 12% VAT, workmanship on jewellery and the shop's margin. On jewellery, making charges are included in the per-gram price, which varies widely between malls, jewellery towns and pawnshops, so two pieces of the same weight and purity can carry very different prices. We found no Philippine hallmarking authority, so check the karat stamp and ask the shop to test the piece.

Gold market hours in Davao

The international gold market trades almost around the clock on weekdays. In Davao the London–New York overlap, usually the busiest and most volatile part of the day, runs today from about 21:00–01:00 local time. The two LBMA Gold Price auctions in London, at 10:30 and 15:00 London time, fall at 18:30 and 23:00 in Davao, and major US data released at 08:30 New York time, such as payrolls and inflation, lands at 21:30 local time. The week's trading closes at 06:00 on Saturday and reopens at 07:00 on Monday, Davao time; over the weekend the price on this page is the last close. The Bangko Sentral ng Pilipinas buys gold from registered small-scale miners, tax-free under RA 11256, and we found no national daily retail rate. Our gold market hours tool shows the sessions in any time zone.

Davao compared with Manila

Davao and Manila both price gold in PHP off the same international price and the same exchange rate, so the converted figure is identical: about 8,210 PHP per gram of 24k in both. Any difference at the counter comes from making charges, dealer premiums and how hard the shops compete.

How this PHP gold price is calculated

Three numbers decide everything on this page. First, the international gold price in US dollars per troy ounce: $4,042.7 at the last update. Second, the exchange rate: 1 USD = 63.164 PHP. Third, the weight: one troy ounce is 31.1035 grams, and one tola is 11.6638 grams.

1. Price per gram in USD = $4,042.7 ÷ 31.1035 = $129.98.
2. Price per gram in PHP = $129.98 × 63.164 = 8,210 PHP (24k, pure gold).
3. Price per 10 grams = 8,210 × 10 = 82,098 PHP.
4. For a lower purity, multiply by the fineness: 22k = 0.9167, 21k = 0.875, 18k = 0.75.

The gold price is the spot price of gold (XAUUSD) from a public real-time feed, refreshed every few seconds while the page is open; the 7-day table and the 30-session chart use COMEX gold futures closes, which usually sit a few dollars above spot. The exchange rate is a mid-market rate; the rate your bank or money changer gives you will be slightly different. If you want to do the maths yourself, our guide to converting the gold price per gram, tola and kilo walks through every step with worked examples.

What this price does not include

The figures above are the international spot price converted into local currency. They are the starting point for every retail price in Davao, but they are not the price you will pay or receive at a shop. The shop price adds some or all of these on top:

• Import duty or customs charges, where gold or jewellery is imported.
• Sales tax or VAT, where the country charges one. Many countries tax jewellery but not investment bars; the sections above say what applies here.
• Dealer premium: the margin a bullion dealer or bank adds to the spot price for bars and coins, usually larger on small pieces.
• Making charges (labour) on jewellery, often a percentage of the gold value or a fixed amount per gram.
• Local supply and demand, which can push the physical price to a premium or a discount against the international price for weeks at a time.

When you sell, the buyer usually quotes below the spot-based number and deducts for purity testing, wear and sometimes stones. The gap between the buying and the selling price is the real cost of owning physical gold, and it varies a lot between shops, so it is worth asking several.

Frequently asked questions