Gold/Oil Ratio Chart

The gold/oil ratio divides the USD gold price per troy ounce by the WTI crude oil price per barrel. It is a long-watched relationship between a monetary metal and energy.

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Gold/oil ratio FAQ

Common questions about this chart, spot pricing, and how to read the series.

It measures how many barrels of crude oil equal the value of one troy ounce of gold. On this page we use WTI: USD gold per ounce ÷ USD WTI per barrel.

Divide the USD gold spot price per troy ounce by the WTI crude oil price per barrel. The result is barrels of WTI per ounce of gold.

WTI is a widely quoted US oil benchmark available through our MetalpriceAPI feed, which keeps the daily series consistent for charting. Brent can diverge, so stick to one benchmark when comparing history.

Gold responds strongly to real rates, currency, and risk sentiment; oil responds to supply, demand, and geopolitics. The ratio shifts when those drivers diverge.

Not by itself. A rising ratio can mean gold strengthened, oil weakened, or both. Read it as a relative macro gauge, not a standalone buy or sell signal.

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Gold/Oil Ratio Chart

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Gold/Oil Ratio Chart