Gold in pesos: down about 21% from the January record, less than in dollars because the peso fell too
Gold has fallen about 26.6% in US dollars from its 29 January 2026 record, but only about 21.4% in pesos, because the peso weakened about 7% over the same months. How past gold bear markets looked in pesos, why recoveries were shorter for peso holders, and how far gold is still above 2019.
Gold set a record at the end of January and has since lost about a quarter of its dollar value. Filipinos who hold gold have felt less of that fall, for a reason that is not good news in itself: over the same months the peso hit one record low after another.
How far has gold fallen in pesos?
About 21%, measured from the January record. The record, as reported from New York futures prices, was US$5,626.80 an ounce on 29 January 2026 (Global Economic); on the morning of 21 October the price was around US$4,132 (Yahoo Finance). Converted with BIS daily exchange rates, that is a fall from about ₱331,957 to ₱260,867 an ounce.
Gold from the reported 29 January 2026 record (US$5,626.80 × ₱59.00) to about US$4,132 on 21 October × ₱63.13 (BIS rate for 20 October, the latest available). In US dollars: −26.6%. About ₱10,673 to ₱8,387 per gram. CapsWindow calculation; daily prices are press-reported and approximate.
How far has gold fallen in pesos?
Change
Shared linear scale from zero. Negative values extend left. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Measure | Peak | Latest | Change |
|---|---|---|---|
| Daily, US$ per ounce (reported) | 5,626.80 (29 Jan) | about 4,132 (21 Oct) | −26.6% |
| Daily, ₱ per ounce | about 331,957 | about 260,867 | −21.4% |
| Monthly average, US$ per ounce | 5,020 (Feb) | 4,411 (Aug) | −12.1% |
| Monthly average, ₱ per ounce | 292,055.6 (Feb) | 271,034.3 (Aug) | −7.2% |
| Monthly average low, ₱ per ounce | 292,055.6 (Feb) | 250,911.1 (Jul) | −14.1% |
Monthly figures are CapsWindow calculations from World Bank monthly gold prices multiplied by the monthly average USD/PHP rate (BIS). This site’s monthly data runs to August 2026.
Why is the peso figure smaller?
Because the peso weakened about 7% against the dollar while gold was falling. On the BIS daily series a dollar cost ₱59.00 on 29 January and ₱63.13 on 20 October. On monthly averages the rate went from ₱58.18 in February to ₱61.45 in August, up 5.6%, which is why the monthly fall in pesos (−7.2%) is a little over half the fall in dollars (−12.1%).
| Month | Gold (US$, monthly average) | PHP per USD | Gold (₱ per ounce) |
|---|---|---|---|
| February 2026 | 5,020 | 58.18 | 292,055.6 |
| April 2026 | 4,721 | 60.32 | 284,757.3 |
| June 2026 | 4,228 | 61.18 | 258,649.9 |
| July 2026 | 4,073 | 61.60 | 250,911.1 |
| August 2026 | 4,411 | 61.45 | 271,034.3 |
The peso’s slide continued into October: GMA News reported a close of ₱63.09 on 19 October, the 28th record low of 2026. For gold holders this worked as a cushion. For anyone paying for imports in pesos, the same move made fuel and other dollar-priced goods more expensive, which is part of why Philippine inflation reached 7.2% in September.
The fall in the dollar gold price has coincided with renewed expectations of US rate rises. On 14 October, after US inflation came in at 3.7%, gold dropped below US$4,100 as traders revived bets on an October Fed hike, according to FXStreet.
How does this compare with past gold bear markets?
So far it is shallower than the 2011–2015 fall, and in pesos it has been milder than in dollars. Each row runs from a monthly peak to the lowest monthly average recorded before gold got back to that peak.
| Peak month | Fall in US$ | Months to recover (US$) | Fall in ₱ | Months to recover (₱) |
|---|---|---|---|---|
| January 1980 | −62.1% (to July 1999) | 316 | not available | — |
| September 2011 | −39.3% (to December 2015) | 106 | −33.5% (to December 2015) | 95 |
| August 2020 | −15.5% (to October 2022) | 32 | −13.1% (to March 2021) | 19 |
| February 2026 | −18.9% (to July 2026) | not yet recovered | −14.1% (to July 2026) | not yet recovered |
CapsWindow calculations from World Bank monthly averages and BIS USD/PHP rates. This site’s peso series starts in January 2000, so the 1980 peak cannot be converted; no values are filled in.
The peso explains the gap each time. Between September 2011 and December 2015 it weakened from ₱43.09 to ₱47.20 per dollar, so the gold low was less deep in pesos and the September 2011 peak was regained in August 2019, eleven months before it was in dollars. After August 2020 the peso went from ₱48.77 to ₱52.11 by March 2022, when gold regained its peak in pesos; by October 2022, when gold hit its low in dollars, the peso was at ₱58.77 and gold in pesos was already above the 2020 peak.
Where does the BSP fit in?
The BSP is a buyer of locally mined gold. Under an agreement renewed for March 2025 to March 2028, OceanaGold (Philippines) offers the BSP at least 25% of its annual gold doré output, according to Malaya Business Insight. How much gold the BSP should hold has also been debated: in October 2025, Monetary Board member Benjamin Diokno said “our holdings of gold are already excessive” when gold made up about 13% of gross international reserves (Gulf News, citing Bloomberg). This note did not verify the BSP’s current gold holdings.
How far above 2019 is gold still?
About 3.6 times higher in pesos. The December 2019 monthly average was ₱75,101.4 an ounce; August 2026 was ₱271,034.3, or 3.61 times as much, against 2.98 times in dollars. Against December 2024, at ₱154,663.2, August 2026 was about 75% higher. The weaker peso accounts for the extra: ₱50.78 per dollar in December 2019, ₱61.45 in August 2026.
To see what a peso amount would have bought in gold at different dates, use the gold calculator.
Monthly averages and daily prices answer different questions and are not mixed in any calculation here. Both daily dollar prices used here, US$5,626.80 at the January record and about US$4,132 on 21 October, are press-reported futures prices, and daily highs vary slightly between sources. The 21 October price is converted at the BIS rate for 20 October, the latest available. These are international benchmark prices, not what jewellers or dealers in the Philippines charge, and this note did not verify a current local retail price. A weaker peso reduced gold's fall in pesos, but it also raised the cost of imports. Explanations of gold's fall come from press reports. Nothing here predicts gold, the peso or how long a recovery would take.
Questions & answers
Why has gold fallen less in pesos than in dollars?
Because the peso weakened while gold fell. On BIS rates a dollar cost about ₱59.00 on 29 January 2026 and ₱63.13 on 20 October, about 7% more. Each dollar of gold therefore converted into more pesos, which offset part of the fall: about −21.4% in pesos against −26.6% in dollars on the daily figures used here.
How long did past gold bear markets last for peso holders?
On monthly averages, gold took 95 months to regain its September 2011 peak in pesos, against 106 months in dollars, and 19 months to regain its August 2020 peak, against 32 in dollars. In both cases the peso weakened during the fall. The January 1980 peak cannot be measured in pesos with this site's data, which starts in 2000.
What is gold worth per gram in pesos now?
Using the international benchmark, about ₱8,387 per gram on 21 October 2026 (US$4,132 an ounce at ₱63.13 per dollar, with 31.1035 grams to a troy ounce), down from about ₱10,673 at the January peak. Jewellery and small bars sold in shops include premiums, making charges and dealer margins, and this note did not verify a current local retail price.
Source
- World Bank - Commodity Price Data (Pink Sheet), monthly gold prices ↗
- BIS - Bilateral exchange rates ↗
- BIS - Daily bilateral exchange rates, Philippine peso ↗
- Global Economic (g-enews) - Gold record of US$5,626.80 on 29 January 2026 (4 October 2026, Korean) ↗
- Yahoo Finance - Gold price today, 21 October 2026 ↗
- FXStreet - Gold falls below US$4,100 as hot CPI revives October Fed hike bets (14 October 2026) ↗
- GMA News - Peso logs 28th record low for 2026 (19 October 2026) ↗
- Malaya Business Insight - OceanaGold renews gold buying agreement with BSP (11 September 2025) ↗
- Gulf News (Bloomberg) - Philippine central banker says time to take profit on gold (28 October 2025) ↗
- CapsWindow - Data & methodology ↗