{"id":3747,"date":"2025-09-17T18:42:20","date_gmt":"2025-09-17T16:42:20","guid":{"rendered":"https:\/\/www.aucoffre.com\/academie\/?p=3747"},"modified":"2025-09-17T18:47:54","modified_gmt":"2025-09-17T16:47:54","slug":"taux-interet-cours-or","status":"publish","type":"post","link":"https:\/\/www.aucoffre.com\/academie\/taux-interet-cours-or\/","title":{"rendered":"L\u2019influence des taux d\u2019int\u00e9r\u00eat sur le cours de l\u2019or"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Depuis la fin de l\u2019ann\u00e9e 2024 et au fil de l\u2019ann\u00e9e 2025, le cours de l\u2019or a connu une hausse importante avec des records absolus battus r\u00e9guli\u00e8rement. Raison invoqu\u00e9e pour justifier cette \u00ab&nbsp;envol\u00e9e du cours de l\u2019or&nbsp;\u00bb&nbsp;: la baisse des taux de la Banque centrale europ\u00e9enne (BCE) puis de la FED, la R\u00e9serve f\u00e9d\u00e9rale des \u00c9tats-Unis. Explications sur l\u2019influence des politiques mon\u00e9taires des banques centrales sur le cours de l\u2019or.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A retenir\u00a0:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>L\u2019or n\u2019est pas qu\u2019une valeur refuge qui r\u00e9agit aux bruits de bombes et de bottes ou aux pand\u00e9mies.<\/li>\n\n\n\n<li>Ses variations s\u2019expliquent en grande partie par des m\u00e9canismes \u00e9conomiques et mon\u00e9taires.<\/li>\n\n\n\n<li>Les <strong>taux d\u2019int\u00e9r\u00eat r\u00e9els<\/strong> et la valeur de la monnaie (dollar, euros, Livre Sterling, etc.) impactent <a href=\"https:\/\/www.aucoffre.com\/cours-or\">le <strong>cours de l\u2019or.<\/strong><\/a><\/li>\n\n\n\n<li>La hausse du cours de l\u2019or est encore plus forte en p\u00e9riode de taux bas<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Les \u00e9l\u00e9ments de politique mon\u00e9taire qui donnent le prix de l\u2019or<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les annonces sur les taux d\u2019int\u00e9r\u00eat par les banquiers centraux, \u00e0 la hausse ou \u00e0 la baisse, entra\u00eenent un certain nombre de ph\u00e9nom\u00e8nes qui impactent l\u2019or.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Les bons du Tr\u00e9sor concurrents de l\u2019or<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Quand les taux d\u2019int\u00e9r\u00eat baissent, la rentabilit\u00e9 de la \u00ab&nbsp;dette&nbsp;\u00bb est moins importante. En effet, les int\u00e9r\u00eats des bons du Tr\u00e9sor ou des obligations baissent aussi donc ils sont moins r\u00e9mun\u00e9rateurs. Ces placements, consid\u00e9r\u00e9s comme particuli\u00e8rement s\u00fbrs, sont des concurrents directs de l\u2019or qui lui ne produit pas d\u2019int\u00e9r\u00eats, de loyers ou de dividendes. En cas de baisse des taux, le prix de l\u2019or augmente. Lors d\u2019une revente, cela permet de r\u00e9aliser des plus-values.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">L\u2019inflation fait grimper les prix\u2026 de l\u2019or<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ces derni\u00e8res ann\u00e9es ont bien montr\u00e9 comment les banques centrales utilisent l\u2019arme des taux d\u2019int\u00e9r\u00eat uniquement quand l\u2019inflation est contenue autour de 2&nbsp;%. En effet, l\u2019argent bon march\u00e9 peut provoquer une surchauffe de l\u2019\u00e9conomie et donc de l\u2019inflation. L\u2019inflation, c\u2019est le marqueur de la hausse des prix, y compris ceux de l\u2019or.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Les achats d\u2019or des banques centrales soutiennent le cours<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Les banques centrales ach\u00e8tent des volumes tr\u00e8s importants d\u2019or. Depuis 2018, certaines d\u2019entre elles, notamment des pays des BRICS, ont d\u00e9cid\u00e9 de diversifier leurs r\u00e9serves mon\u00e9taires. Un mouvement qui s\u2019est acc\u00e9l\u00e9r\u00e9 \u00e0 partir de 2021. \u00c0 l\u2019\u00e9t\u00e9 2025, en valeur, l\u2019or a d\u00e9pass\u00e9 les bons du Tr\u00e9sor dans<a href=\"https:\/\/www.aucoffre.com\/academie\/reserves-or-pays-classement\/\"> les r\u00e9serves des banques centrales.<\/a> Cela n\u2019\u00e9tait pas arriv\u00e9 depuis 1995.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">La recherche \u00e9conomique s\u2019int\u00e9resse au&nbsp;lien entre les taux d\u2019int\u00e9r\u00eat et le cours de l\u2019or<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Plusieurs \u00e9conomistes mais aussi analystes sp\u00e9cialis\u00e9s dans l\u2019investissement dans les m\u00e9taux pr\u00e9cieux rappellent que l\u2019or ne produit pas de coupons ou de dividendes. Sa rentabilit\u00e9 n\u2019existe que par la diff\u00e9rence de prix d\u2019achat et de vente. On trouve plusieurs \u00e9tudes am\u00e9ricaines qui d\u00e9montrent donc que le taux d\u2019int\u00e9r\u00eat r\u00e9el est le principal facteur de<a href=\"https:\/\/www.aucoffre.com\/academie\/historique-cours-or-100-ans\/\"> l\u2019\u00e9volution du prix de l\u2019or.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019\u00e9tude la plus r\u00e9cente date de 2023. Elle est publi\u00e9e par le Bureau national de recherche \u00e9conomique am\u00e9ricain, sous la direction de Urban Jermann du d\u00e9partement des finances de l\u2019Universit\u00e9 de Pennsylvanie.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">La relation inverse entre les taux d\u2019int\u00e9r\u00eat et l\u2019or<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Plusieurs chercheurs avaient d\u00e9montr\u00e9 la relation n\u00e9gative entre les taux d\u2019int\u00e9r\u00eat et le prix de l\u2019or. C\u2019est-\u00e0-dire que leurs parcours sont inverses. Mais leurs d\u00e9monstrations n\u2019\u00e9taient pas tr\u00e8s probantes parce qu\u2019elles portaient sur des donn\u00e9es ant\u00e9rieures \u00e0 la p\u00e9riode de taux bas voire n\u00e9gatifs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tendance tr\u00e8s haussi\u00e8re pour l\u2019or en p\u00e9riode de taux bas<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Jermann d\u00e9montre que le prix de l\u2019or est fortement haussier en p\u00e9riode de taux bas. Le chercheur a compar\u00e9 le prix de l\u2019or et les taux d\u2019int\u00e9r\u00eat des bons du Tr\u00e9sor et des obligations d\u2019Etat entre 1975 et 2024.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"852\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/09\/evolution-cours-or-et-obligations-1024x852.jpg\" alt=\"une courbe qui montre l'\u00e9volution du cours de l'or et des taux d'int\u00e9r\u00eat des obligations et bons du tr\u00e9sor\" class=\"wp-image-3748\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/09\/evolution-cours-or-et-obligations-1024x852.jpg 1024w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/09\/evolution-cours-or-et-obligations-300x250.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/09\/evolution-cours-or-et-obligations-768x639.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/09\/evolution-cours-or-et-obligations-750x624.jpg 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/09\/evolution-cours-or-et-obligations.jpg 1108w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source : &#8211;\tJermann, U. (2023). Gold\u2019s Value as an Investment. NBER Working Paper<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u00ab&nbsp;Les rendements (des obligations) sont g\u00e9n\u00e9ralement plus faibles apr\u00e8s 2000 et les prix de l&rsquo;or plus \u00e9lev\u00e9s. On constate visuellement que la relation oppos\u00e9e est \u00e9galement pr\u00e9sente \u00e0 des fr\u00e9quences plus \u00e9lev\u00e9es. Par exemple, <strong>\u00e0 partir de 2019 environ, l&rsquo;or et les rendements ont \u00e9volu\u00e9 de mani\u00e8re oppos\u00e9e.<\/strong> Vers 2012-2013, les cours de l&rsquo;or ont atteint des niveaux tr\u00e8s \u00e9lev\u00e9s et les taux \u00e0 10 ans ont atteint leur plus bas niveau depuis le d\u00e9but de la p\u00e9riode d&rsquo;\u00e9chantillonnage.&nbsp;\u00bb pr\u00e9cise Urban Jermann<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Depuis 2025, avec la politique de baisse des taux de la BCE et celle de la FED en septembre, la th\u00e9orie de Jermann sur une plus forte hausse de l\u2019or en p\u00e9riode de taux bas se confirme.&nbsp;Les taux baissent, l\u2019once d\u2019or s\u2019envole \u00e0 3 100 euros et \u00e0 3 600 dollars.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Consulter l\u2019\u00e9tude de Jermann en anglais<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Le document source est disponible sur le site du Bureau national de recherche \u00e9conomique, son titre original est&nbsp;<a href=\"https:\/\/www.nber.org\/system\/files\/working_papers\/w31386\/w31386.pdf\">: GOLD&rsquo;S VALUE AS AN INVESTMENT<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c9tude de la relation entre le prix de l\u2019or et des taux d\u2019int\u00e9r\u00eat entre 2008 et 2025<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Apr\u00e8s la crise des subprimes de 2008<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2009\u20132011<\/strong> : avec les politiques mon\u00e9taires ultra-accommodantes et le lancement du QE (quantitative easing) par la Fed donc une baisse des taux, le prix de l\u2019or passe de 800 \u00e0 plus de 1 800 $ l\u2019once.<\/li>\n\n\n\n<li><strong>2013<\/strong> : Le rythme du Quantitative Easing va ralentir. Les taux r\u00e9els remontent et l\u2019or chute de 30 %. C\u2019est l\u2019accalmie autour de l\u2019or jusqu\u2019en 2017.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">&nbsp;2018\u20132024&nbsp;: Succession de crises et d\u00e9dollarisation<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Les banques centrales \u00e9mergentes, men\u00e9es par la Chine et la Turquie, accroissent leurs r\u00e9serves d\u2019or. En 2022\u20132023, les achats officiels atteignent des records (plus de 1 000 tonnes par an).<\/li>\n\n\n\n<li>Cet afflux structurel soutient les prix m\u00eame quand les taux restent \u00e9lev\u00e9s.<\/li>\n\n\n\n<li>De grandes crises et conflits arm\u00e9s se succ\u00e8dent. La \u00ab\u00a0valeur refuge\u00a0\u00bb joue son r\u00f4le avec un soutien du cours.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2024\u20132025 : records historiques<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>La politique de baisse des taux de la BCE pousse le cours de l\u2019or en euros de records en records jusqu\u2019\u00e0 3\u00a0100 euros.<\/li>\n\n\n\n<li>L\u2019attente de baisses de taux par la Fed provoque le repli du dollar. Les investisseurs anticipent. Les achats officiels de banques centrales se poursuivent. L\u2019or en dollar d\u00e9passe 3\u00a0600 dollars.<\/li>\n\n\n\n<li>Plusieurs analystes de banques priv\u00e9es rel\u00e8vent leurs <a href=\"https:\/\/www.loretlargent.info\/cours-de-lor\/cours-or-previsions-2026\/33926\/\">pr\u00e9visions pour 2026 avec une once d&rsquo;or <\/a>de 3\u00a0700 dollars \u00e0 5\u00a0000 dollars pour les plus optimistes. L\u00e0 aussi, c\u2019est le rapport au dollar qui est questionn\u00e9 pour justifier un tel optimisme pour le prix de l\u2019or.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Bibliographie, \u00e9tudes sur l\u2019impact des taux d\u2019int\u00e9r\u00eats sur le cours de l\u2019or (s\u00e9lection)<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Barsky, R. (2021). What drives gold prices? Chicago Fed Letter.<\/li>\n\n\n\n<li>Jermann, U. (2023). Gold\u2019s Value as an Investment. NBER Working Paper.<\/li>\n\n\n\n<li>Zhu, Y. (2018). The impact of monetary policy on gold price dynamics.<\/li>\n\n\n\n<li>Apergis, N. (2019). Monetary policy and gold price linkages.<\/li>\n\n\n\n<li>Awartani, B. et al. (2024). High-frequency response of gold to monetary policy shocks.<\/li>\n\n\n\n<li>World Gold Council (2025). Central Bank Gold Reserves Survey<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>La raison invoqu\u00e9e pour justifier cette \u00ab\u00a0envol\u00e9e du cours de l\u2019or\u00a0\u00bb\u00a0: la baisse des taux de la Banque centrale europ\u00e9enne (BCE) puis de la FED, la R\u00e9serve f\u00e9d\u00e9rale des \u00c9tats-Unis. Explications sur l\u2019influence des politiques mon\u00e9taires des banques centrales sur le cours de l\u2019or.\u00a0<\/p>\n","protected":false},"author":21,"featured_media":3753,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"8","single_blog_custom":"","parallax":"1","fullscreen":"0","layout":"no-sidebar-narrow","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"bottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"0","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"2","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":{"fb_title":"","fb_description":"","fb_image":"","twitter_title":"","twitter_description":"","twitter_image":""},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[81],"tags":[],"niveau":[],"class_list":["post-3747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>L\u2019influence des taux d\u2019int\u00e9r\u00eat sur le cours de l\u2019or - L&#039;acad\u00e9mie AuCOFFRE<\/title>\n<meta name=\"description\" content=\"La justification de la hausse du cours de l\u2019or\u00a0: la baisse des taux de la Banque centrale europ\u00e9enne (BCE) puis de la FED, la R\u00e9serve f\u00e9d\u00e9rale des \u00c9tats-Unis. 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