Gold vs. Inflation: Serbia
Is gold a hedge against inflation where you live? Inflation is felt in a country’s own currency, so this page prices gold in RSD and compares its twelve-month change with Serbia’s consumer-price inflation, month by month from Mar 2009 to Aug 2026. When the gold line is above the inflation line, gold more than kept up with prices over that year.
Inflation now
+2.2%
Aug 2026, year on year
Gold in RSD
+30.4%
12 months to Aug 2026
Gold beat inflation by
+27.5 pts
real gold return, 12 months
Central bank rate
5.75%
National Bank of Serbia
Gold in RSD, 12-month change(left axis)Inflation, year on year(left axis)
How often gold beat inflation
Averages of the monthly twelve-month figures, in RSD. “Beat” counts the months in which gold’s twelve-month change was above inflation.
| Period | Gold, average | Inflation, average | Months gold beat it |
|---|---|---|---|
| Last 10 years | +14.0% | +4.8% | 61% |
| Whole record | +13.8% | +5.1% | 63% |
How to read this
- Gold is the month-end close in US dollars converted at that month’s RSD exchange rate, so a falling RSD lifts gold in RSD terms even when the dollar price is flat.
- Inflation is the year-on-year change in the consumer price index. Both lines are twelve-month changes, so they are directly comparable.
- Gold is volatile: it often lags inflation for years and then catches up. These are past figures, not a forecast, and nothing here is investment advice.
Gold and inflation in other countries
Interest-rate and inflation data: Bank for International Settlements (BIS), data.bis.org. The BIS is not affiliated with and does not endorse this site.