{"id":103098,"date":"2026-03-28T00:13:11","date_gmt":"2026-03-27T23:13:11","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=103098"},"modified":"2026-03-28T03:50:30","modified_gmt":"2026-03-28T02:50:30","slug":"zlato-v-medvedim-trendu-konec-horecky-nebo-perspektivni-prilezitost","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/03\/28\/zlato-v-medvedim-trendu-konec-horecky-nebo-perspektivni-prilezitost\/","title":{"rendered":"Zlato v medv\u011bd\u00edm trendu: Konec hore\u010dky nebo perspektivn\u00ed p\u0159\u00edle\u017eitost?"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p>Zlato, tradi\u010dn\u00ed symbol bezpe\u010d\u00ed, proch\u00e1z\u00ed v b\u0159eznu 2026 z\u00e1t\u011b\u017eovou zkou\u0161kou. Po spanil\u00e9 j\u00edzd\u011b z minul\u00e9ho roku, kdy si p\u0159ipsalo zhodnocen\u00ed o v\u00edce ne\u017e 60 %, narazil trh na tvrdou realitu. Cena \u017elut\u00e9ho kovu klesla o 22 % ze sv\u00e9ho historick\u00e9ho maxima 5 594 USD a ofici\u00e1ln\u011b vstoupila do f\u00e1ze takzvan\u00e9ho medv\u011bd\u00edho trhu*. Pro mnoh\u00e9 investory je to moment paniky, pro zku\u0161en\u00e9 hr\u00e1\u010de v\u0161ak m\u016f\u017ee j\u00edt o n\u00e1kupn\u00ed slevu, jak\u00e1 se nevid\u00ed \u010dasto.<\/p>\n<h3><strong>Realita \u010d\u00edsel: Co se vlastn\u011b d\u011bje?<\/strong><\/h3>\n<p>Aktu\u00e1ln\u00ed spotov\u00e1 cena se pohybuje na \u00farovni 4 400 USD za unci. Jen za posledn\u00ed t\u00fdden zlato odepsalo t\u00e9m\u011b\u0159 10 % sv\u00e9 hodnoty, co\u017e p\u0159edstavuje nejhor\u0161\u00ed v\u00fdkon za posledn\u00edch 15 let. P\u0159esto\u017ee titulky novin hovo\u0159\u00ed o krachu, d\u016fle\u017eit\u00fd je \u0161ir\u0161\u00ed fundament\u00e1ln\u00ed kontext. Po v\u00fdrazn\u011b impulzivn\u00edm r\u016fstu v roce 2025 je sou\u010dasn\u00e1 korekce p\u0159irozen\u00fdm a technicky nezbytn\u00fdm procesem, kter\u00fd o\u010di\u0161\u0165uje trh od spekulativn\u00edho kapit\u00e1lu.*<\/p>\n<h3><strong>Pro\u010d cena kles\u00e1?<\/strong><\/h3>\n<p>Za sou\u010dasn\u00fdm v\u00fdprodejem stoj\u00ed t\u0159i kl\u00ed\u010dov\u00e9 faktory. Prvn\u00edm je siln\u00fd americk\u00fd dolar, kter\u00fd od za\u010d\u00e1tku geopolitick\u00e9ho nap\u011bt\u00ed pos\u00edlil o 3 %, \u010d\u00edm\u017e zdra\u017eil zlato pro zahrani\u010dn\u00ed kupce. Druh\u00fdm faktorem jsou v\u00fdnosy st\u00e1tn\u00edch dluhopis\u016f, kter\u00e9 vzrostly na 4,38 %. Jeliko\u017e zlato nenese \u00farok, p\u0159i takto vysok\u00fdch v\u00fdnosech dluhopis\u016f investo\u0159i do\u010dasn\u011b up\u0159ednost\u0148uj\u00ed \u201ebezpe\u010dn\u00fd v\u00fdnos\u201c p\u0159ed drah\u00fdm kovem.<\/p>\n<p>T\u0159et\u00edm, m\u00e9n\u011b viditeln\u00fdm d\u016fvodem, je likvidita. V dob\u00e1ch prudk\u00fdch tr\u017en\u00edch pohyb\u016f jsou institucion\u00e1ln\u00ed investo\u0159i \u010dasto nuceni prod\u00e1vat sv\u00e9 ziskov\u00e9 pozice, aby pokryli ztr\u00e1ty v jin\u00fdch \u010d\u00e1stech sv\u00fdch portfoli\u00ed.<\/p>\n<h3><strong>Pil\u00ed\u0159e z\u016fst\u00e1vaj\u00ed pevn\u00e9<\/strong><\/h3>\n<p>Navzdory kr\u00e1tkodob\u00e9mu negativn\u00edmu trendu z\u016fst\u00e1vaj\u00ed dlouhodob\u00e9 z\u00e1klady zlata neot\u0159eseny. Centr\u00e1ln\u00ed banky zem\u00ed BRICS pokra\u010duj\u00ed v rekordn\u00ed akumulaci rezerv s c\u00edlem sn\u00ed\u017eit z\u00e1vislost na dolaru. Geopolitick\u00e9 riziko ve sv\u011bt\u011b nekles\u00e1 a masivn\u00ed st\u00e1tn\u00ed deficity z\u00e1padn\u00edch ekonomik nad\u00e1le naru\u0161uj\u00ed d\u016fv\u011bru v pap\u00edrov\u00e9 m\u011bny. Analytici proto z\u016fst\u00e1vaj\u00ed v dlouhodob\u00e9m v\u00fdhledu optimisti\u010dt\u00ed a o\u010dek\u00e1vaj\u00ed, \u017ee po stabilizaci situace se zlato vr\u00e1t\u00ed k r\u016fstu.<\/p>\n<h3><strong>\u010cas na emoce nebo na kalkula\u010dku?<\/strong><\/h3>\n<p>Historie n\u00e1s u\u010d\u00ed, \u017ee nejlep\u0161\u00ed investi\u010dn\u00ed rozhodnut\u00ed vznikaj\u00ed v dob\u011b, kdy je trh paralyzov\u00e1n strachem. Sou\u010dasn\u00fd 22% pokles z historick\u00fdch maxim odstranil z trhu euforii a p\u0159inesl st\u0159\u00edzliv\u011bj\u0161\u00ed ceny.* Pro investora, kter\u00fd hled\u00e1 ochranu kapit\u00e1lu a z\u00e1rove\u0148 p\u0159im\u011b\u0159en\u00e9 zhodnocen\u00ed, m\u016f\u017ee b\u00fdt tento medv\u011bd\u00ed trend ve skute\u010dnosti jedn\u00edm z nejlep\u0161\u00edch vstupn\u00edch bod\u016f posledn\u00ed doby. [1]<\/p>\n<h4><strong>Anna \u0160uhajdov\u00e1, p\u0159edsedkyn\u011b p\u0159edstavenstva <\/strong><a href=\"https:\/\/www.capitalmarkets.sk\/cs\/\"><strong>CAPITAL MARKETS, o.c.p., a.s.<\/strong><\/a><\/h4>\n<p>*\u00dadaje t\u00fdkaj\u00edc\u00ed se minulosti nejsou z\u00e1rukou budouc\u00edch v\u00fdnos\u016f.<\/p>\n<p>[1] V\u00fdhledov\u00e1 prohl\u00e1\u0161en\u00ed p\u0159edstavuj\u00ed p\u0159edpoklady a aktu\u00e1ln\u00ed o\u010dek\u00e1v\u00e1n\u00ed, kter\u00e1 nemus\u00ed b\u00fdt p\u0159esn\u00e1 nebo vych\u00e1zej\u00ed z aktu\u00e1ln\u00edho ekonomick\u00e9ho prost\u0159ed\u00ed, kter\u00e9 se m\u016f\u017ee zm\u011bnit. Tato prohl\u00e1\u0161en\u00ed nezaru\u010duj\u00ed budouc\u00ed v\u00fdkonnost. V\u00fdhledov\u00e1 prohl\u00e1\u0161en\u00ed ze sv\u00e9 podstaty zahrnuj\u00ed riziko a nejistotu, proto\u017ee souvisej\u00ed s budouc\u00edmi ud\u00e1lostmi a okolnostmi, kter\u00e9 nelze p\u0159edv\u00eddat, a skute\u010dn\u00fd v\u00fdvoj a v\u00fdsledky se mohou v\u00fdrazn\u011b li\u0161it od v\u00fdsledk\u016f vyj\u00e1d\u0159en\u00fdch nebo implikovan\u00fdch v jak\u00fdchkoli v\u00fdhledov\u00fdch prohl\u00e1\u0161en\u00edch.<\/p>\n<p><strong>Zdroje:<\/strong><\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2026\/03\/24\/gold-sinks-deeper-into-bear-market-territory-as-sell-off-extends.html\">https:\/\/www.cnbc.com\/2026\/03\/24\/gold-sinks-deeper-into-bear-market-territory-as-sell-off-extends.html<\/a><\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2026\/03\/20\/gold-silver-price-metal-market-oil-brent-wti-futures-iran-war-inflation.html\">https:\/\/www.cnbc.com\/2026\/03\/20\/gold-silver-price-metal-market-oil-brent-wti-futures-iran-war-inflation.html<\/a><\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/symbols\/COMEX-GC1!\/?timeframe=60M\">https:\/\/www.tradingview.com\/symbols\/COMEX-GC1!\/?timeframe=60M<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zlato, tradi\u010dn\u00ed symbol bezpe\u010d\u00ed, proch\u00e1z\u00ed v b\u0159eznu 2026 z\u00e1t\u011b\u017eovou zkou\u0161kou. Po spanil\u00e9 j\u00edzd\u011b z minul\u00e9ho&#8230;<\/p>\n","protected":false},"author":2,"featured_media":101029,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1042,59,45,693],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/103098"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=103098"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/103098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/101029"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=103098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=103098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=103098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}