DATASET
Gold-Oil Ratio — Historical Data & Download
Historical gold-oil ratio data tracking the relative value of gold versus crude oil from the 1970s through 2026. Each observation includes the gold spot price (derived from publicly available market data), WTI crude oil price (EIA via FRED), the calculated ratio, and a regime classification (correlated, neutral, decoupling, inverted). The historical median ratio is 14.7 and the mean is 15.9. Extreme readings have historically coincided with recessions (high ratio) or commodity booms (low ratio).
← Back to Gold-Oil Divergence TrackerDate Range
1970s–2026
Frequency
Weekly
Historical Median
14.7
Current Ratio
57.7
Data Preview
| Date | Gold ($/oz) | WTI ($/bbl) | Ratio | Regime |
|---|---|---|---|---|
| 2026-03-09 | $5,090 | $103.39 | 49.2 | Decoupling |
| 2026-02-14 | $5,293 | $64.50 | 82.1 | Extreme divergence |
| 2025-06-12 | $3,850 | $89.95 | 42.8 | Neutral |
| 2024-12-31 | $2,625 | $71.72 | 36.6 | Correlated |
| 2023-12-31 | $2,063 | $71.33 | 28.9 | Correlated |
| 2020-04-20 | $1,684 | $18.50 | 91.0 | COVID peak |
Showing first 6 rows of analysis data.
Methodology & Notes
The gold-oil ratio is calculated as gold spot price (USD/oz) divided by WTI crude oil price (USD/bbl). Gold prices are derived from publicly available market data. Oil prices are sourced from EIA via FRED (DCOILWTICO for WTI). Regime classification uses rolling correlation and ratio deviation from the 3-year moving average. Historical median and mean are calculated from the full dataset since the 1970s, sourced from TheAssay.
Frequently Asked Questions
- What is the historical average gold-oil ratio?
- The historical median gold-oil ratio since the 1970s is approximately 14.7, and the mean is 15.9. The ratio has ranged from about 6 (1980s oil boom) to 91 (COVID-19 pandemic in April 2020).
- What does a high gold-oil ratio mean?
- A high gold-oil ratio means gold is expensive relative to oil. Historically, extreme high readings (above 30) have coincided with recessions, deflationary shocks, or oil supply gluts. The COVID-19 peak of 91 was driven by oil prices briefly going negative.
- How often is this data updated?
- The dataset is updated weekly with the latest gold and oil prices. Historical data points are fixed and do not change.
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Data provided for research and educational purposes only. Not investment advice. See methodology.