Gold vs WTI Oil
Gold closed at $4,722.19 on April 25, 2026; WTI crude oil at $95.85 on April 23, 2026. The gold-oil ratio is approximately 49.3 barrels of oil per ounce of gold, an extreme reading that ranks among the highest in market history.
Also known as: Gold (Spot) (XAU, XAUUSD, GC, gold price) · WTI Crude Oil (WTI_AV, crude oil, OIL, WTI live)
Why This Comparison Matters
Gold closed at $4,722.19 on April 25, 2026; WTI crude oil at $95.85 on April 23, 2026. The gold-oil ratio is approximately 49.3 barrels of oil per ounce of gold, an extreme reading that ranks among the highest in market history. The long-run average is approximately 15-20 barrels per ounce. The ratio above 25 has historically marked recession, financial stress, or extreme commodity dislocation. The current 49.3 reading reflects gold's 180 percent rally from $2,000 base in early 2024 to $5,602 ATH in January 2026, combined with oil holding range-bound at $70-100 despite the Iran war shock. Gold has been the dominant inflation/safe-haven hedge of 2024-2026; oil has been a modest beneficiary of Iran war but constrained by demand concerns and SPR draws.
The April 2026 Configuration
Gold $4,722.19 / WTI $95.85 = ratio 49.3 barrels per ounce. The ratio peaked at 95+ in April 2020 (briefly negative oil prices) and 30+ during 2008-09 financial crisis. The current 49.3 reading is the second-highest in history, exceeded only by the 2020 episode.
Gold reached an all-time high of $5,602.22 on January 28, 2026 driven by central bank buying (~1,000 tons annually 2022-2025, highest since 1967), Iran war safe-haven flows, and US fiscal credibility concerns. Oil reached $105+ peak during Iran war but has retraced toward $95 on ceasefire optimism.
The ratio at 49.3 is at extreme territory. Historical mean reversion suggests either gold compression or oil rally to bring ratio toward 25-30 normalized range. The 2020 reading 95+ resolved through oil recovery (negative prices to $70+ within 12 months) rather than gold compression. The 2024-2026 setup may follow similar pattern.
Historical Gold-Oil Ratio Context
The gold-oil ratio has multi-decade history with consistent regime patterns. 1970s: ratio averaged 15-25 with oil rallying faster than gold during 1973 OPEC embargo and 1979 Iran revolution. 1980 stagflation peak: ratio ~30 with both gold and oil at peaks. 1990s-2000s: ratio averaged 12-18 in normal commodity cycles. 2008-09 financial crisis: ratio spiked 30+ as gold rallied on safe-haven flows while oil collapsed from $147 peak to $35.
2014-2016 commodity bust: ratio peaked 45+ as oil collapsed from $107 to $26 while gold held $1,200. April 2020 COVID flash crash: ratio briefly above 95+ as WTI went negative ($-37 May 2020 contract) while gold rallied to $1,800. 2022 Russia-Ukraine: ratio compressed to 13 as oil rallied to $124 while gold ranged $1,800-2,100. Current 2024-2026: ratio 35-49 as gold massively outperformed.
Mean-reversion potential: ratio above 30 has historically reverted to 15-25 within 12-24 months. The April 2026 reading of 49.3 is near 2020 extreme; reversion potential exists but timing and direction (gold compression vs oil rally) are uncertain.
Why Gold Has Massively Outperformed Oil
Three structural factors drove gold-vs-oil divergence in 2024-2026. First, central bank buying: emerging market central banks (PBoC, RBI, CBR, others) purchased approximately 1,000 tons of gold annually 2022-2025 (highest sustained pace since 1967). The official-sector demand is price-insensitive and persistent, providing baseline gold support that no equivalent existed for oil.
Conditional Forward Response (Tail Events)
How WTI Crude Oil has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in Gold (Spot). Computed from 1,300 aligned daily observations ending .
Following these triggers, WTI Crude Oil rises 0.55% on average over the next 5 sessions, versus an unconditional baseline of +0.23%. 130 qualifying events; WTI Crude Oil closed positive in 55% of them.
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Frequently Asked Questions
What is the current gold-oil ratio?+
Gold $4,722.19 / WTI $95.85 = ratio 49.3 barrels per ounce. The 12-month range is ~35-60. The 5-year range is 13 to 95+ (April 2020 extreme). The current 49.3 is the second-highest in history, exceeded only by 2020 COVID flash crash episode. Long-run average is 15-20 barrels per ounce. Gold ATH $5,602.22 January 28 2026; WTI peaked $105+ during Iran war late February 2026. Both have retraced: gold 16% from ATH, WTI 10% from peak. Ratio rose as gold compression outpaced oil compression.
What does an extreme ratio reading signal?+
Ratio above 30 has historically marked recession, financial stress, or extreme commodity dislocation. Current 49.3 is in extreme territory. Historical mean reversion: ratio above 30 has historically reverted to 15-25 within 12-24 months. 1973 oil shock ratio fell to 7. 1980 stagflation peak ratio ~30. 2008-09 GFC ratio spiked 30+ as gold rallied on safe-haven while oil collapsed from $147 to $35. 2014-2016 commodity bust ratio peaked 45+ as oil collapsed $107 to $26 while gold held $1,200. April 2020 COVID ratio briefly 95+ as WTI went negative.
Why has gold massively outperformed oil 2024-2026?+
Three structural factors. First, central bank buying: EM central banks (PBoC, RBI, CBR, others) purchased ~1,000 tons annually 2022-2025 (highest since 1967). Official-sector demand price-insensitive, providing baseline gold support no equivalent for oil. Second, fiscal credibility concerns: US fiscal deficit projected above $2T FY 2027 with foreign Treasury demand declining drove gold safe-haven rotation. Third, oil demand concerns: 2024-2026 weakness in EV adoption, structural OECD demand decline (efficiency, EV penetration), SPR depletion. Oil demand growth slowed to ~1 mbpd vs historical 1.5-2 mbpd, limiting upside despite Iran war supply concerns.
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