{"id":272994,"date":"2026-08-23T13:26:12","date_gmt":"2026-08-23T13:26:12","guid":{"rendered":"https:\/\/www.europesays.com\/ro\/272994\/"},"modified":"2026-08-23T13:26:12","modified_gmt":"2026-08-23T13:26:12","slug":"aurul-prins-intre-razboi-petrol-si-dobanzi-cum-va-evolua-pretul-metalului-pretios","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ro\/272994\/","title":{"rendered":"Aurul, prins \u00eentre r\u0103zboi, petrol \u0219i dob\u00e2nzi. Cum va evolua pre\u021bul metalului pre\u021bios"},"content":{"rendered":"<p>Aurul a revenit \u00een zona recordurilor recente, sus\u021binut<br \/>\nde incertitudinea geopolitic\u0103, dolarul mai slab \u0219i diminuarea<br \/>\na\u0219tept\u0103rilor privind o majorare a dob\u00e2nzilor Fed. Pentru<br \/>\nurm\u0103toarea perioad\u0103, \u00eens\u0103, direc\u021bia metalului pre\u021bios va<br \/>\ndepinde \u00een mare m\u0103sur\u0103 de evolu\u021bia conflictului din Orientul<br \/>\nMijlociu, a pre\u021burilor la energie \u0219i a politicii monetare<br \/>\namericane.<\/p>\n<p> <img decoding=\"async\" src=\"https:\/\/www.europesays.com\/ro\/wp-content\/uploads\/2026\/08\/1787491572_501_index.jpeg\" alt=\"Cineva cu m\u0103nu\u0219i \u021bine \u00een m\u00e2n\u0103 un lingou de aur\" width=\"1124\" height=\"750\" loading=\"eager\" fetchpriority=\"high\" class=\"svelte-1kfbksm\"\/> <\/p>\n<p>Pre\u021bul energiei \u0219i conflictele din Orientul Mijlociu vor influen\u021ba pre\u021bul aurului.  Foto: Shutterstock<\/p>\n<p>publicitate&#8221;); background-position: center center; background-repeat: no-repeat;&#8221;&gt;<\/p>\n<p><a href=\"https:\/\/adevarul.ro\/economie\/de-ce-scade-pretul-aurului-dupa-maximele-istorice-2540796.html\" target=\"_blank\" rel=\"nofollow noopener\">Aurul a urcat luni spre 4.400 de dolari pe uncie<\/a>, dup\u0103 ce datele<br \/>\neconomice americane mai slabe au redus a\u0219tept\u0103rile privind o<br \/>\nmajorare a dob\u00e2nzii de c\u0103tre Rezerva Federal\u0103 \u00een septembrie.<br \/>\nProbabilitatea unei astfel de decizii este evaluat\u0103 \u00een prezent la<br \/>\naproximativ 30%, fa\u021b\u0103 de 47% \u00een urm\u0103 cu o lun\u0103. \u00cen acela\u0219i<br \/>\ntimp, dolarul s-a depreciat, ceea ce face aurul mai atractiv pentru<br \/>\ninvestitorii care folosesc alte monede.<\/p>\n<p> Petrolul \u0219i conflictul din Orientul Mijlociu <\/p>\n<p>\u00cen acest context, pre\u021burile la energie \u0219i situa\u021bia din<br \/>\nOrientul Mijlociu reprezint\u0103 unul dintre principalele riscuri pentru<br \/>\naur.<\/p>\n<p>\u201eCel mai mare risc pentru pre\u021burile aurului r\u0103m\u00e2n<br \/>\npre\u021burile la energie \u0219i situa\u021bia din Orientul Mijlociu. O nou\u0103<br \/>\nescaladare a conflictului dintre SUA \u0219i Iran sau noi perturb\u0103ri \u00een<br \/>\nzona Str\u00e2mtorii Hormuz ar putea determina din nou o cre\u0219tere a<br \/>\npre\u021burilor petrolului \u0219i ar putea spori presiunea infla\u021bionist\u0103\u201d,<br \/>\nspune Bogdan Maioreanu, analist eToro.<\/p>\n<p>Rela\u021bia dintre conflict \u0219i aur este \u00eens\u0103 mai complex\u0103 dec\u00e2t<br \/>\npare la prima vedere. O escaladare geopolitic\u0103 poate cre\u0219te cererea<br \/>\npentru active considerate sigure, ceea ce favorizeaz\u0103 aurul. \u00cen<br \/>\nacela\u0219i timp, o perturbare a transporturilor petroliere prin<br \/>\nStr\u00e2mtoarea Hormuz poate \u00eempinge petrolul \u00een sus \u0219i poate<br \/>\nalimenta infla\u021bia. La r\u00e2ndul s\u0103u, acest lucru poate determina<br \/>\nRezerva Federal\u0103 s\u0103 men\u021bin\u0103 dob\u00e2nzile ridicate pentru mai mult<br \/>\ntimp.<\/p>\n<p>\u201eMerit\u0103 \u00eens\u0103 s\u0103 re\u021binem c\u0103 nu orice r\u0103zboi este<br \/>\nbenefic pentru aur. Conflictele geopolitice \u00eei afecteaz\u0103 pre\u021bul \u00een<br \/>\ndou\u0103 moduri. Pe de o parte, incertitudinea cre\u0219te cererea de active<br \/>\nsigure. Pe de alt\u0103 parte, petrolul mai scump poate accelera infla\u021bia<br \/>\n\u0219i poate obliga Fed s\u0103 men\u021bin\u0103 ratele dob\u00e2nzilor la un nivel<br \/>\nridicat pentru o perioad\u0103 mai lung\u0103. Acest lucru spore\u0219te<br \/>\natractivitatea obliga\u021biunilor \u0219i ac\u021bioneaz\u0103 \u00een defavoarea<br \/>\naurului\u201d, a explicat Maioreanu.<\/p>\n<p>publicitate&#8221;); background-position: center center; background-repeat: no-repeat;&#8221;&gt;<\/p>\n<p>Evolu\u021biile din ultimele luni ilustreaz\u0103 acest mecanism. \u00cen mai,<br \/>\naurul a cobor\u00e2t p\u00e2n\u0103 la un minim de dou\u0103 luni pe fondul temerilor<br \/>\nprivind infla\u021bia generat\u0103 de r\u0103zboi \u0219i al anticipa\u021biilor privind<br \/>\no politic\u0103 monetar\u0103 mai restrictiv\u0103.\u00a0<\/p>\n<p>\u00cen schimb, \u00een prezent, datele americane privind infla\u021bia \u0219i<br \/>\npia\u021ba muncii au redus presiunea asupra Fed. Aurul a beneficiat<br \/>\nastfel de combina\u021bia dintre un dolar mai slab \u0219i a\u0219tept\u0103ri mai<br \/>\nreduse privind dob\u00e2nzile.\u00a0<\/p>\n<p> B\u0103ncile centrale sus\u021bin pia\u021ba <\/p>\n<p>Un alt factor important pentru evolu\u021bia aurului este cererea<br \/>\ninstitu\u021bional\u0103. B\u0103ncile centrale au cump\u0103rat net 289 de tone de<br \/>\naur \u00een trimestrul al doilea, \u00eentr-un ritm record, potrivit datelor<br \/>\ncitate de Reuters. Cererea oficial\u0103 adaug\u0103 astfel o component\u0103<br \/>\nstructural\u0103 pie\u021bei, independent\u0103 de mi\u0219c\u0103rile de scurt\u0103 durat\u0103<br \/>\nale investitorilor.\u00a0<\/p>\n<p>Polonia se afl\u0103 printre cei mai importan\u021bi cump\u0103r\u0103tori. Banca<br \/>\nNa\u021bional\u0103 a Poloniei \u0219i-a majorat semnificativ rezerva de aur \u0219i<br \/>\nurm\u0103re\u0219te s\u0103 ajung\u0103 la 700 de tone, \u00een condi\u021biile \u00een care<br \/>\nb\u0103ncile centrale \u00ee\u0219i diversific\u0103 rezervele \u0219i caut\u0103 alternative<br \/>\nla activele tradi\u021bionale.<\/p>\n<p>\u00cen cazul Rom\u00e2niei, rezerva de aur a BNR era la sf\u00e2r\u0219itul lunii<br \/>\niulie de 103,6 tone, cantitate care nu s-a modificat<br \/>\nfa\u021b\u0103 de luna precedent\u0103. Valoarea de pia\u021b\u0103 a acestei rezerve<br \/>\neste \u00eens\u0103 influen\u021bat\u0103 direct de evolu\u021bia pre\u021bului interna\u021bional<br \/>\nal aurului.<\/p>\n<p> Aurul \u00een lei, mai pu\u021bin spectaculos dec\u00e2t \u00een<br \/>\ndolari <\/p>\n<p>Pentru investitorii rom\u00e2ni, evolu\u021bia aurului trebuie privit\u0103 \u0219i<br \/>\nprin prisma cursului valutar.<\/p>\n<p>\u201eVolatilitatea ridicat\u0103 a aurului este resim\u021bit\u0103 \u0219i<br \/>\nde investitorii rom\u00e2ni, iar randamentele acestora sunt influen\u021bate<br \/>\nnu numai de pre\u021bul aurului, ci \u0219i de cursul de schimb al dolarului.<br \/>\n\u00cen ultima lun\u0103, aurul a crescut cu aproximativ 7,5% \u00een moneda<br \/>\namerican\u0103. \u00cen acela\u0219i timp, leul s-a apreciat fa\u021b\u0103 de dolar cu<br \/>\naproximativ 1%, \u00een timp ce cursul de schimb USD\/RON a sc\u0103zut de la<br \/>\n4,6 RON\/USD la aproximativ 4,55 RON\/USD. Prin urmare, leul mai<br \/>\nputernic a ac\u021bionat ca un amortizor valutar. La conversia \u00een moneda<br \/>\nnoastr\u0103, cre\u0219terea valorii aurului a fost mai moderat\u0103,<br \/>\nsitu\u00e2ndu-se la aproximativ 6,5%\u201d, a explicat analistul.<\/p>\n<p>publicitate&#8221;); background-position: center center; background-repeat: no-repeat;&#8221;&gt;<\/p>\n<p>Diferen\u021ba este relevant\u0103 pentru investitorii rom\u00e2ni: un avans<br \/>\nal aurului pe pie\u021bele interna\u021bionale nu se transfer\u0103 automat, \u00een<br \/>\naceea\u0219i propor\u021bie, \u00een randamentul exprimat \u00een lei. Dac\u0103 dolarul<br \/>\nse depreciaz\u0103 fa\u021b\u0103 de moneda rom\u00e2neasc\u0103, o parte din c\u00e2\u0219tigul<br \/>\nob\u021binut de aur este anulat\u0103 prin cursul valutar.<\/p>\n<p>\u00cen acest moment, aurul beneficiaz\u0103 de un dolar mai slab \u0219i de<br \/>\nreducerea a\u0219tept\u0103rilor privind dob\u00e2nzile americane, \u00een timp ce<br \/>\npre\u021burile petrolului \u0219i tensiunile din Orientul Mijlociu r\u0103m\u00e2n<br \/>\nprincipalii factori care pot schimba rapid echilibrul dintre <a href=\"https:\/\/adevarul.ro\/economie\/o-superputere-mondiala-cumpara-masiv-aur-in-plina-2522450.html\" target=\"_blank\" rel=\"nofollow noopener\">cererea<br \/>\nde refugiu \u0219i presiunea exercitat\u0103 de infla\u021bie \u0219i randamentele<br \/>\nobliga\u021biunilor.<\/a><\/p>\n<p> \\n  const _iprc = performance.now();\\n\\u003C\/script>\\n\\n\\u003Cscript class=\\&#8221;optanon-category-C0004\\&#8221; 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