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The ECB raised interest rates. The US PPI remained high. And gold found itself caught between inflation and yields.<\/strong><\/p>\n\n\n\n Today, the markets received two important messages \u2014 one from Berlin, the other from Washington.<\/p>\n\n\n\n The European Central Bank has raised its key interest rates by 25 basis points<\/strong>, with the interest rate on deposits reaching 2,50%<\/strong>. Christine Lagarde emphasised that the euro area economy remains relatively resilient, but inflation is still well above the 2% target, mainly due to the energy shock and geopolitical tensions. The ECB now expects average inflation of around 3.0% in 2026.<\/strong> \u0438 2.5% in 2027.<\/strong> <\/p>\n\n\n\n Almost at the same time, the US published its Producer Price Index \u2014 PPI<\/strong>, which shows how prices are changing at producer level.<\/p>\n\n\n\n In August, US producer prices rose by 0.41 TP3T for the month<\/strong> and with 5.41 TP3T year-on-year<\/strong>. Energy prices have risen by 4.21 TP3T in one month<\/strong>. <\/p>\n\n\n\n This is an important indicator, because higher production costs are often gradually passed on to end-user prices.<\/p>\n\n\n\n On the economy: more expensive money stays with us<\/strong><\/p>\n\n\n\n Both the ECB and the Federal Reserve face a similar dilemma.<\/p>\n\n\n\n If inflation remains high, central banks must keep interest rates steady or even raise them. This slows down the economy: borrowing becomes more expensive, investment falls, mortgage payments become a greater burden, and businesses become more cautious.<\/p>\n\n\n\n However, if interest rates are cut too early, inflation could pick up again.<\/p>\n\n\n\n This is the classic problem facing central banks:<\/p>\n\n\n\n to keep prices in check without stifling growth.<\/strong><\/p>\n\n\n\n And what about the gold? There are two sides to this story.<\/strong><\/p>\n\n\n\n In the short term, today\u2019s figures are rather negative for gold.<\/p>\n\n\n\n The reason is simple: when the market anticipates higher interest rates, bond yields rise and the dollar often strengthens. As gold does not pay interest, its relative appeal temporarily diminishes.<\/p>\n\n\n\n And that is exactly what we saw today \u2014 following the US PPI, gold fell by more than 1%<\/strong>, whilst the likelihood that the market is anticipating a rate rise by the Fed has increased. <\/p>\n\n\n\n But the medium-term picture is almost the opposite.<\/p>\n\n\n\n If inflation remains stubborn, energy prices remain high and geopolitical uncertainty persists, gold retains one of its strongest qualities:<\/p>\n\n\n\n It is an asset outside the credit system and a traditional hedge against loss of purchasing power and systemic risk.<\/strong><\/p>\n\n\n\n An interesting fact<\/strong><\/p>\n\n\n\n In the space of just 24 hours, gold received two completely contradictory signals from the same issue:<\/p>\n\n\n\n inflation.<\/strong><\/p>\n\n\n\n High inflation underpins the long-term investment case for gold.<\/p>\n\n\n\n However, combating it by raising interest rates may temporarily push its price down.<\/p>\n\n\n\n And perhaps that is precisely what is most interesting at the moment.<\/p>\n\n\n\n Gold is not driven solely by inflation. It is driven by central banks\u2019 response to it.<\/strong><\/p>\n\n\n\n Today, the answer is clear:<\/p>\n\n\n\n Europe is tightening policy. America may follow suit. And the gold market will have to strike a balance between higher returns today and greater uncertainty tomorrow.<\/strong><\/p>","protected":false},"excerpt":{"rendered":" (\u0412\u0440\u0435\u043c\u0435 \u0437\u0430 \u0447\u0435\u0442\u0435\u043d\u0435: 2 \u043c\u0438\u043d\u0443\u0442\u0438) \u0415\u0426\u0411 \u0432\u0434\u0438\u0433\u043d\u0430 \u043b\u0438\u0445\u0432\u0438\u0442\u0435. \u0410\u043c\u0435\u0440\u0438\u043a\u0430\u043d\u0441\u043a\u0438\u044f\u0442 PPI \u043e\u0441\u0442\u0430\u043d\u0430 \u0433\u043e\u0440\u0435\u0449. \u0410 \u0437\u043b\u0430\u0442\u043e\u0442\u043e \u0441\u0435 \u043e\u043a\u0430\u0437\u0430 \u043c\u0435\u0436\u0434\u0443 \u0438\u043d\u0444\u043b\u0430\u0446\u0438\u044f\u0442\u0430 \u0438 \u0434\u043e\u0445\u043e\u0434\u043d\u043e\u0441\u0442\u0442\u0430. \u0414\u043d\u0435\u0441 \u043f\u0430\u0437\u0430\u0440\u0438\u0442\u0435 \u043f\u043e\u043b\u0443\u0447\u0438\u0445\u0430 \u0434\u0432\u0435 \u0432\u0430\u0436\u043d\u0438 \u043f\u043e\u0441\u043b\u0430\u043d\u0438\u044f \u2014 \u0435\u0434\u043d\u043e\u0442\u043e \u043e\u0442 \u0411\u0435\u0440\u043b\u0438\u043d, \u0434\u0440\u0443\u0433\u043e\u0442\u043e \u043e\u0442 \u0412\u0430\u0448\u0438\u043d\u0433\u0442\u043e\u043d. \u0415\u0432\u0440\u043e\u043f\u0435\u0439\u0441\u043a\u0430\u0442\u0430 \u0446\u0435\u043d\u0442\u0440\u0430\u043b\u043d\u0430 \u0431\u0430\u043d\u043a\u0430 \u043f\u043e\u0432\u0438\u0448\u0438 \u043e\u0441\u043d\u043e\u0432\u043d\u0438\u0442\u0435 \u0441\u0438 \u043b\u0438\u0445\u0432\u0438 \u0441 25 \u0431\u0430\u0437\u0438\u0441\u043d\u0438 \u043f\u0443\u043d\u043a\u0442\u0430, \u043a\u0430\u0442\u043e \u0434\u0435\u043f\u043e\u0437\u0438\u0442\u043d\u0430\u0442\u0430 \u043b\u0438\u0445\u0432\u0430 \u0434\u043e\u0441\u0442\u0438\u0433\u043d\u0430 2,50%. \u041a\u0440\u0438\u0441\u0442\u0438\u043d \u041b\u0430\u0433\u0430\u0440\u0434 \u043f\u043e\u0434\u0447\u0435\u0440\u0442\u0430, \u0447\u0435 \u0438\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0430\u0442\u0430 \u043d\u0430 \u0435\u0432\u0440\u043e\u0437\u043e\u043d\u0430\u0442\u0430 \u043e\u0441\u0442\u0430\u0432\u0430 […]<\/p>\n","protected":false},"author":3,"featured_media":959,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wds_primary_category":80,"footnotes":""},"categories":[80],"tags":[],"class_list":["post-958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-novini"],"acf":[],"_links":{"self":[{"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/posts\/958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/comments?post=958"}],"version-history":[{"count":3,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/posts\/958\/revisions"}],"predecessor-version":[{"id":962,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/posts\/958\/revisions\/962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/media\/959"}],"wp:attachment":[{"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/media?parent=958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/categories?post=958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ezi.bg\/en\/wp-json\/wp\/v2\/tags?post=958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}