Crude oil and Gold

Their prices have moved together.

Crude oil (energy) and Gold (commodity): 1 relationship.

How they are linked

1. Price link: inflation and cost

Cost and price · Weak · Both ways

Oil shocks raise inflation fears, which can lift gold, and diesel is a big cost for gold miners. The data show little link, though: monthly moves correlate at only 0.10 and yearly moves at 0.18.

• 0.10 monthly change correlation
• 0.18 12-month change correlation
• 0.25 fitted elasticity

Built from the site data on production routes, energy flows, industry value chains, input-output tables and prices.