Gold vs Oil Since 1960
In September 2026 one ounce of gold bought 42.2 barrels of crude oil (monthly averages: gold $4,319 an ounce, oil $102.3 per bbl). That is very high by historical standards: higher than in 96% of months since 1960, against an average of 20.6. The record is 80.1 in April 2020; the low 6.76 in June 2008.
Barrels of crude oil per ounce of gold
Jan 1960–Sep 2026 · monthlyBy Decade
Average barrels of crude oil per ounce of gold in each decade.
| Decade | Average | vs today |
|---|---|---|
| 1960s | 25.2 | +67% |
| 1970s | 20.0 | +111% |
| 1980s | 18.2 | +132% |
| 1990s | 19.9 | +112% |
| 2000s | 11.2 | +279% |
| 2010s | 19.2 | +120% |
| 2020s to date | 35.3 | +20% |
Last 12 Months
World Bank monthly average prices and the ratio.
| Month | Gold | Oil | Gold buys |
|---|---|---|---|
| Sep 2026 | 4,319 | 102.3 | 42.2 |
| Aug 2026 | 4,411 | 84.4 | 52.3 |
| Jul 2026 | 4,073 | 79.8 | 51.0 |
| Jun 2026 | 4,228 | 81.7 | 51.8 |
| May 2026 | 4,587 | 100.4 | 45.7 |
| Apr 2026 | 4,721 | 103.9 | 45.4 |
| Mar 2026 | 4,856 | 95.6 | 50.8 |
| Feb 2026 | 5,020 | 68.0 | 73.8 |
| Jan 2026 | 4,753 | 63.7 | 74.6 |
| Dec 2025 | 4,309 | 60.9 | 70.8 |
| Nov 2025 | 4,087 | 62.3 | 65.6 |
| Oct 2025 | 4,058 | 63.0 | 64.4 |
Year by year since 1960 (yearly averages)
| Year | Gold buys (average) |
|---|---|
| 2026 (9 months) | 54.2 |
| 2025 | 51.7 |
| 2024 | 30.6 |
| 2023 | 24.2 |
| 2022 | 18.8 |
| 2021 | 26.4 |
| 2020 | 46.0 |
| 2019 | 22.8 |
| 2018 | 18.8 |
| 2017 | 24.0 |
| 2016 | 29.9 |
| 2015 | 23.3 |
| 2014 | 13.4 |
| 2013 | 13.6 |
| 2012 | 16.0 |
| 2011 | 15.1 |
| 2010 | 15.5 |
| 2009 | 16.3 |
| 2008 | 9.94 |
| 2007 | 9.94 |
| 2006 | 9.44 |
| 2005 | 8.41 |
| 2004 | 11.0 |
| 2003 | 12.6 |
| 2002 | 12.6 |
| 2001 | 11.4 |
| 2000 | 9.98 |
| 1999 | 16.6 |
| 1998 | 22.7 |
| 1997 | 17.3 |
| 1996 | 19.2 |
| 1995 | 22.4 |
| 1994 | 24.3 |
| 1993 | 21.6 |
| 1992 | 18.1 |
| 1991 | 18.8 |
| 1990 | 18.0 |
| 1989 | 21.4 |
| 1988 | 29.8 |
| 1987 | 24.6 |
| 1986 | 26.8 |
| 1985 | 11.7 |
| 1984 | 12.6 |
| 1983 | 14.2 |
| 1982 | 11.5 |
| 1981 | 12.9 |
| 1980 | 16.6 |
| 1979 | 10.1 |
| 1978 | 14.9 |
| 1977 | 11.8 |
| 1976 | 10.7 |
| 1975 | 15.4 |
| 1974 | 14.7 |
| 1973 | 36.0 |
| 1972 | 31.4 |
| 1971 | 24.8 |
| 1970 | 29.9 |
| 1969 | 31.5 |
| 1968 | 29.9 |
| 1967 | 26.9 |
| 1966 | 25.0 |
| 1965 | 25.0 |
| 1964 | 23.3 |
| 1963 | 23.3 |
| 1962 | 23.3 |
| 1961 | 21.9 |
| 1960 | 21.9 |
Gold vs Oil: FAQ
How much oil does an ounce of gold buy?
In September 2026 one ounce of gold bought 42.2 barrels of crude oil, using World Bank monthly average prices. A year earlier it bought 55.2, ten years earlier 29.5.
What is the long-run average?
Since January 1960 the average is 20.6 barrels of crude oil per ounce of gold and the median 19.9. The latest figure is higher than in 96% of months.
When did gold buy the most oil?
In April 2020, at 80.1 barrels of crude oil. The least was 6.76 in June 2008.
Does a high ratio mean gold is overvalued?
Not necessarily. The ratio shows the price of gold relative to oil, and both prices have their own supply and demand. Over the decades the ratio has swung above and below its average, but there is no fixed level it must return to, and extremes can last for years.
Gold against other commodities
Source: World Bank Commodity Price Data (The Pink Sheet), monthly average prices in US dollars (file updated October 02, 2026), licensed CC BY 4.0. Ratios, averages, percentiles and decade figures are Corgano's calculations from those monthly averages. Gold was fixed at $35 an ounce until 1968–1971, so changes before then reflect the other commodity's price.
Cite this page
For essays, articles and research. Prices on this page update daily, so the citations include today's date as the date you accessed it.
@misc{corgano2026goldvsoilsince, author = {{Corgano}}, title = {Gold vs Oil Since 1960}, howpublished = {\url{https://goldprice.corgano.com/gold-vs-commodities/oil}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-26}}