MANILA - The Philippine peso fell in spot and offshore forward markets after a retreat in gold prices boosts the dollar, sparking a bout of short dollar covering, traders said.

The spot peso shed half of a percent to 47.12/USD, the lowest since Nov. 6.

"There has been good corporate (dollar) demand lately and the NDF markets have been looking to cover some of their positions as well," said a dealer in Manila.

"We saw some moves in the 3-month tenor, but hearing talk as well that there are lots of interest on the fixing for today so that should be interesting to watch," added the dealer.

Three-month dollar/peso NDFs (non-deliverable forward) rise to 47.36, implying a 0.7% peso fall from the spot compared to 0.5% on Monday.

Meanwhile, one-month NDFs edge up to 47.17, roughly at par with onshore forwards with the same tenor at 47.18.