# Crude oil and Gold

Their prices have moved together.

Source page: https://www.materialinsights.org/links/crude-oil-and-gold/

[Crude oil](https://www.materialinsights.org/energy/crude_oil/) (energy) and [Gold](https://www.materialinsights.org/commodities/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.