{"id":2874,"date":"2026-10-08T09:12:16","date_gmt":"2026-10-08T09:12:16","guid":{"rendered":"https:\/\/www.iforbes.cz\/?p=2874"},"modified":"2026-10-08T09:23:01","modified_gmt":"2026-10-08T09:23:01","slug":"bezpecny-pristav-ma-za-sebou-tezke-zari-co-stalo-za-korekci-zlata","status":"publish","type":"post","link":"https:\/\/www.iforbes.cz\/index.php\/2026\/10\/08\/bezpecny-pristav-ma-za-sebou-tezke-zari-co-stalo-za-korekci-zlata\/","title":{"rendered":"Bezpe\u010dn\u00fd p\u0159\u00edstav m\u00e1 za sebou t\u011b\u017ek\u00e9 z\u00e1\u0159\u00ed. Co st\u00e1lo za korekc\u00ed zlata?"},"content":{"rendered":"\n

Zlato se \u010dasto kupuje jako pojistka proti nejistot\u011b, ale posledn\u00ed t\u00fddny uk\u00e1zaly, \u017ee ani v nep\u0159\u00edzniv\u00e9m obdob\u00ed nemus\u00ed jeho cena r\u016fst. Drah\u00e9 energie o\u017eivily obavy z inflace a z\u00e1rove\u0148 podpo\u0159ily o\u010dek\u00e1v\u00e1n\u00ed dal\u0161\u00edho zvy\u0161ov\u00e1n\u00ed \u00farokov\u00fdch sazeb. Investo\u0159i tak za\u010dali pozorn\u011bji porovn\u00e1vat dr\u017ebu drah\u00e9ho kovu s v\u00fdnosy, kter\u00e9 jim nab\u00edzej\u00ed dluhopisy. Nejnov\u011bj\u0161\u00ed americk\u00e9 \u00fadaje p\u0159inesly \u010d\u00e1ste\u010dnou \u00falevu, ale dosavadn\u00ed ztr\u00e1ty v\u0161ak nevymazaly.<\/p>\n\n\n\n

Z\u00e1\u0159\u00ed ovl\u00e1dly obavy z \u00farok\u016f<\/strong><\/p>\n\n\n\n

Za slab\u0161\u00edm v\u00fdkonem zlata v z\u00e1\u0159\u00ed st\u00e1la Feder\u00e1ln\u00ed centr\u00e1ln\u00ed banka (Fed) a jej\u00ed rozhodnut\u00ed zv\u00fd\u0161it \u00farokov\u00e9 sazby. \u0160lo tak o prvn\u00ed zv\u00fd\u0161en\u00ed od roku 2023, p\u0159i\u010dem\u017e jejich aktu\u00e1ln\u00ed \u00farove\u0148 je 3,75 \u2013 4 %. Banka nav\u00edc upozornila, \u017ee pokud bude pot\u0159eba, rozhodne o jejich dal\u0161\u00edm nav\u00fd\u0161en\u00ed. Na p\u0159ita\u017elivosti zlata se podepsaly i rostouc\u00ed v\u00fdnosy z dluhopis\u016f, kter\u00e9 byly krom\u011b rozhodnut\u00ed centr\u00e1ln\u00ed banky ovlivn\u011bny tak\u00e9 obavami z rostouc\u00edho st\u00e1tn\u00edho dluhu a rozpo\u010dtov\u00e9ho deficitu. Jeliko\u017e dr\u017eba zlata nep\u0159in\u00e1\u0161\u00ed \u00farokov\u00fd p\u0159\u00edjem, pozornost se tak obracela na \u00faro\u010den\u00e9 investice a oslabovala popt\u00e1vku po kovu. P\u0159ek\u00e1\u017ekou byl i siln\u011bj\u0161\u00ed dolar, kter\u00fd zlato prodra\u017eoval kupuj\u00edc\u00edm pou\u017e\u00edvaj\u00edc\u00edm jin\u00e9 m\u011bny. Drah\u00e1 ropa mezit\u00edm udr\u017eovala obavy z inflace a podporovala o\u010dek\u00e1v\u00e1n\u00ed dal\u0161\u00edho zvy\u0161ov\u00e1n\u00ed sazeb.<\/p>\n\n\n\n

V\u00fdprodej na konci m\u011bs\u00edce<\/strong><\/p>\n\n\n\n

To vedlo k poklesu hodnoty zlata p\u0159ibli\u017en\u011b o 6 %, p\u0159i\u010dem\u017e nejprud\u0161\u00ed pokles zaznamenalo v posledn\u00edch z\u00e1\u0159ijov\u00fdch dnech. Futures kontrakty ukon\u010dily obchodn\u00ed den 30. z\u00e1\u0159\u00ed 2026 na \u00farovni 4 186 USD a v p\u0159\u00edpad\u011b spotov\u00e9ho zlata cena klesla k hodnot\u011b 4 156 USD za unci. Za posledn\u00edch \u0161est m\u011bs\u00edc\u016f se tak pokles prohloubil na v\u00edce ne\u017e 10 %. I p\u0159es tuto korekci se drah\u00fd kov pohybuje vysoko, pobl\u00ed\u017e \u00farovn\u00ed historick\u00fdch maxim. P\u0159i pohledu na dlouhodobou v\u00fdkonnost je kov v zelen\u00fdch \u010d\u00edslech. Za posledn\u00ed rok cena zlata vzrostla o 8 % a za p\u011bt let se zhodnotilo o robustn\u00edch v\u00edce ne\u017e 130 %. Nov\u00fd m\u011bs\u00edc za\u010dalo zlato m\u00edrn\u011b v\u00fd\u0161e, v p\u0159\u00edpad\u011b futures kontrakt\u016f na hodnot\u011b 4 219 USD a v p\u0159\u00edpad\u011b spotov\u00e9ho zlata na 4 188 USD.*<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

V\u00fdvoj cen spotov\u00e9ho zlata za posledn\u00edch 5 let. Zdroj: investing.com*<\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

V\u00fdvoj cen futures kontrakt\u016f na zlato za posledn\u00edch 5 let. Zdroj: investing.com*<\/em><\/p>\n\n\n\n

Lep\u0161\u00ed inflace nesta\u010dila<\/strong><\/p>\n\n\n\n

P\u0159\u00edzniv\u011bj\u0161\u00ed v\u00fdvoj na za\u010d\u00e1tku m\u011bs\u00edce pro zlato zajistily infla\u010dn\u00ed \u00fadaje zve\u0159ejn\u011bn\u00e9 30. z\u00e1\u0159\u00ed, kter\u00e9 zm\u00edrnily obavy z dal\u0161\u00edho zvy\u0161ov\u00e1n\u00ed sazeb. J\u00e1drov\u00fd index PCE v srpnu vzrostl o 0,2 %, co\u017e bylo m\u00e9n\u011b ne\u017e o\u010dek\u00e1van\u00fd n\u00e1r\u016fst o 0,3 %. V meziro\u010dn\u00edm vyj\u00e1d\u0159en\u00ed \u0161lo o 3 %. To, \u017ee v\u00fdsledek zm\u00edrnil o\u010dek\u00e1v\u00e1n\u00ed v souvislosti s r\u016fstem sazeb, potvrdila \u010d\u00edsla FedWatch Tool od CME Group, kde pravd\u011bpodobnost zv\u00fd\u0161en\u00ed klesla z t\u00e9m\u011b\u0159 51 % (k 29. z\u00e1\u0159\u00ed 2026) na 34 % (k 30. z\u00e1\u0159\u00ed 2026). Na to, \u017ee americk\u00e1 ekonomika z\u016fst\u00e1v\u00e1 odoln\u00e1, pouk\u00e1zala \u010d\u00edsla spot\u0159ebitelsk\u00fdch v\u00fddaj\u016f, kter\u00e9 v srpnu vzrostly nejrychlej\u0161\u00edm tempem za posledn\u00ed rok. \u0160lo o jejich n\u00e1r\u016fst o 0,9 %, resp. 0,6 % p\u0159i zohledn\u011bn\u00ed inflace, a tedy spot\u0159ebitel\u00e9 za\u010dali v\u00edce utr\u00e1cet, a to nejen v d\u016fsledku vysok\u00fdch cen. Zlatu tento v\u00fdvoj sice komplikoval v\u00fdrazn\u011bj\u0161\u00ed zotaven\u00ed, ale alespo\u0148 se ust\u00e1lilo.<\/p>\n\n\n\n

Kupuj\u00edc\u00ed z trhu nezmizeli<\/strong><\/p>\n\n\n\n

\u0160ir\u0161\u00ed obraz dopl\u0148uj\u00ed i n\u00e1kupy zlata centr\u00e1ln\u00edmi bankami, kter\u00e9 sleduj\u00ed dlouhodob\u011bj\u0161\u00ed c\u00edle. World Gold Council ve sv\u00e9 \u010dervencov\u00e9 zpr\u00e1v\u011b uvedl, \u017ee \u010dist\u00e9 n\u00e1kupy zlata dos\u00e1hly ve druh\u00e9m kvart\u00e1lu tohoto roku \u00farovn\u011b 289 tun, p\u0159i\u010dem\u017e \u0161lo o meziro\u010dn\u00ed n\u00e1r\u016fst o 62 %. Mezi zem\u011bmi dominovalo Polsko a sv\u00e9 n\u00e1kupy zv\u00fd\u0161ila nap\u0159\u00edklad \u010c\u00edna. I kdy\u017e bylo druh\u00e9 \u010dtvrtlet\u00ed siln\u00e9, celkov\u011b byla popt\u00e1vka v prvn\u00edm pololet\u00ed 2026 na sv\u00e9m minimu od roku 2022. Z\u00e1jem byl viditeln\u00fd i u ETF kryt\u00fdch zlatem. Podle zpr\u00e1vy World Gold Council za srpen bylo v tomto obdob\u00ed zaznamen\u00e1no prudk\u00e9 zrychlen\u00ed a kupuj\u00edc\u00ed p\u0159idali asi 18 miliard USD. Prvenstv\u00ed m\u011bly v tomto p\u0159\u00edpad\u011b evropsk\u00e9 fondy s objemem 7,9 miliardy USD a v t\u011bsn\u00e9m z\u00e1v\u011bsu byly fondy ze Severn\u00ed Ameriky se 7,7 miliardami USD. N\u00e1sledovala Asie a jin\u00e9 regiony. I kdy\u017e tyto \u00fadaje nem\u011bly p\u0159\u00edm\u00fd vliv na z\u00e1\u0159ijov\u00e9 v\u00fdprodeje, ukazuj\u00ed n\u00e1m v\u0161ak, \u017ee z\u00e1jem o zlato je st\u00e1le velk\u00fd.<\/p>\n\n\n\n

Diana Fatikov\u00e1, analyti\u010dka <\/strong>InvestaGo<\/strong><\/a><\/p>\n\n\n\n

* Minul\u00e1 v\u00fdkonnost nen\u00ed z\u00e1rukou budouc\u00edch v\u00fdsledk\u016f.<\/p>\n","protected":false},"excerpt":{"rendered":"

Zlato se \u010dasto kupuje jako pojistka proti nejistot\u011b, ale posledn\u00ed t\u00fddny uk\u00e1zaly, \u017ee ani v nep\u0159\u00edzniv\u00e9m obdob\u00ed nemus\u00ed jeho cena<\/p>\n","protected":false},"author":1,"featured_media":1982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout"},"categories":[58],"tags":[678,379,264],"_links":{"self":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2874"}],"collection":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/comments?post=2874"}],"version-history":[{"count":1,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2874\/revisions"}],"predecessor-version":[{"id":2878,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2874\/revisions\/2878"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media\/1982"}],"wp:attachment":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media?parent=2874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/categories?post=2874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/tags?post=2874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}