Gold to Oil Ratio Chart: Barrels of WTI per Ounce of Gold
The gold/oil ratio shows how many barrels of WTI crude oil one ounce of gold buys. It is a simple gauge of gold’s purchasing power against energy.
40.52barrels of WTI per ounce of gold
Gold/oil ratio (barrels of WTI per ounce)
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Calculated from daily closes of front-month futures since 30 Aug 2000.
Record high and low
| Highest | 167.65 | 21 Apr 2020 |
| Lowest | 6.18 | 30 Aug 2005 |
| Today | 40.60 | 22 Oct 2026 |
Range of daily closes in our data.
Average by year
| Year | Average | High | Low |
|---|---|---|---|
| 2026 | 55.4 | 83.9 | 40.1 |
| 2025 | 54.4 | 80.2 | 34.0 |
| 2024 | 32.0 | 41.4 | 25.6 |
| 2023 | 25.3 | 30.0 | 20.2 |
| 2022 | 19.4 | 25.5 | 15.1 |
| 2021 | 26.8 | 40.9 | 21.2 |
| 2020 | 49.2 | 167.7 | 24.6 |
| 2019 | 24.5 | 29.5 | 19.1 |
| 2018 | 19.8 | 29.8 | 15.7 |
| 2017 | 24.9 | 29.2 | 21.4 |
| 2016 | 29.5 | 47.6 | 21.1 |
| 2015 | 24.1 | 31.1 | 19.3 |
| 2014 | 13.9 | 22.2 | 11.9 |
| 2013 | 14.4 | 18.1 | 11.7 |
| 2012 | 17.8 | 20.3 | 15.4 |
| 2011 | 16.7 | 22.5 | 13.1 |
| 2010 | 15.5 | 17.5 | 13.1 |
| 2009 | 16.3 | 28.2 | 12.7 |
| 2008 | 9.7 | 24.7 | 6.4 |
| 2007 | 9.8 | 12.4 | 8.1 |
| 2006 | 9.2 | 11.1 | 8.0 |
| 2005 | 7.9 | 10.2 | 6.2 |
| 2004 | 10.0 | 12.6 | 7.6 |
| 2003 | 11.8 | 14.4 | 9.2 |
| 2002 | 12.0 | 15.8 | 10.3 |
| 2001 | 10.7 | 15.8 | 8.2 |
| 2000 | 8.4 | 10.6 | 7.2 |
What the gold to oil ratio shows
The ratio divides the gold price per ounce by the price of a barrel of WTI crude. A reading of 25 means one ounce of gold buys 25 barrels.
It rises when gold gains on oil or oil falls, and falls when oil rallies faster than gold. Because oil moves with supply shocks and demand cycles while gold reacts to rates and risk, the ratio can swing widely.
Analysts sometimes use it to compare gold’s purchasing power over time. It is descriptive context and not a trading signal.
Frequently asked questions
How is the gold/oil ratio calculated?
Gold price per troy ounce divided by the WTI crude price per barrel. History uses daily closes; days with a non-positive WTI price are excluded.
Why compare gold with oil?
Oil is the main energy commodity and gold a store of value. The ratio shows how much energy an ounce of gold can buy.
Which oil price is used?
WTI front-month futures. For Brent, see the Brent–WTI spread on the markets page.
Ratios are informational and are not trading signals. All ratios · Methodology · What the data shows about gold.