Market reaction to the announcement remained muted, as gold prices continued their consolidation phase near long-term support levels. Spot gold traded at €3,580.24 an ounce, reflecting a 1% decline for the session. The downward trend mirrored performance in the broader market, where dollar-denominated spot gold slipped 1.33% to $4,074.50 an ounce.

In its official statement, the central bank emphasized that while energy prices remain near June projections, the full inflationary fallout of the current energy shock has not yet materialized. Officials indicated they are tracking the duration and intensity of these pressures to steer inflation back toward the 2% medium-term target. With little forward guidance provided, investors are looking to the ECB’s ongoing assessment of second-round effects to gauge the future path of European monetary policy.