Current Gold-Oil Ratio Today
The gold-oil ratio stands at 57.7 as of April 17, 2026, meaning one ounce of gold buys 57.7 barrels of WTI crude oil. Gold is at $4,849.4/oz and WTI crude at $84.00/bbl.
Last updated: Apr 17, 2026
GOLD / OIL RATIO
57.7
1 oz gold = 57.7 barrels of WTI crude
Historical Context
52-Week High
82.1
2026-02-14
52-Week Low
42.8
2025-06-12
3-Year Avg
32.5
Historical Median
14.7
Since 1970s
Gold Spot
$4,849.4
WTI Crude
$84.00
30D Correlation
-0.18
90D Correlation
0.12
What's Driving the Current Value
WTI surged above $100/bbl on Iran conflict escalation, compressing the gold-oil ratio sharply from its February highs.
Gold remains elevated above $5,000/oz on central bank buying and geopolitical uncertainty, providing a floor for the ratio.
The Iran-Israel conflict is simultaneously bullish for both gold (safe haven) and oil (supply disruption), creating opposing forces on the ratio.
Frequently Asked Questions
- What is the gold-oil ratio?
- The gold-oil ratio measures how many barrels of crude oil one ounce of gold can buy. It is calculated by dividing the gold spot price by the WTI crude oil price. A higher ratio means gold is expensive relative to oil.
- What is a normal gold-oil ratio?
- The historical median gold-oil ratio since the 1970s is approximately 14.7. The current ratio of 57.7 is 293% above the historical median, indicating gold is significantly overvalued relative to oil by historical standards.
- Why is the gold-oil ratio important?
- The gold-oil ratio is used as a macro indicator of relative value between safe-haven assets and energy commodities. Extreme readings often coincide with recessions (high ratio) or commodity booms (low ratio). It can signal shifts in inflation expectations and risk appetite.
- What was the highest gold-oil ratio ever?
- The gold-oil ratio reached approximately 91 during the COVID-19 pandemic in April 2020, when oil prices briefly went negative while gold held steady.
Data Sources
- Gold (derived observation from publicly available data) — Gold spot price
- EIA WTI Crude Oil via FRED (DCOILWTICO) — WTI crude oil price
- TheAssay — Historical Gold/Oil Ratio — Historical median/mean
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This page is for research and educational purposes only. Not investment advice. Data may be delayed. See methodology for details.