Gold vs Wheat Since 1960
In September 2026 one ounce of gold bought 12,447 kg of wheat (monthly averages: gold $4,319 an ounce, wheat $347 per mt). That is very high by historical standards: higher than in 97% of months since 1960, against an average of 3,209. The record is 19,488 in February 2026; the low 494 in April 1963.
Kg of wheat per ounce of gold
Jan 1960–Sep 2026 · monthlyBy Decade
Average kg of wheat per ounce of gold in each decade.
| Decade | Average | vs today |
|---|---|---|
| 1960s | 581 | +2,041% |
| 1970s | 1,070 | +1,063% |
| 1980s | 2,843 | +338% |
| 1990s | 2,423 | +414% |
| 2000s | 2,794 | +345% |
| 2010s | 5,867 | +112% |
| 2020s to date | 8,657 | +44% |
Last 12 Months
World Bank monthly average prices and the ratio.
| Month | Gold | Wheat | Gold buys |
|---|---|---|---|
| Sep 2026 | 4,319 | 347.0 | 12,447 |
| Aug 2026 | 4,411 | 330.0 | 13,367 |
| Jul 2026 | 4,073 | 310.0 | 13,139 |
| Jun 2026 | 4,228 | 286.0 | 14,783 |
| May 2026 | 4,587 | 303.0 | 15,139 |
| Apr 2026 | 4,721 | 282.0 | 16,741 |
| Mar 2026 | 4,856 | 276.0 | 17,594 |
| Feb 2026 | 5,020 | 257.6 | 19,488 |
| Jan 2026 | 4,753 | 249.9 | 19,020 |
| Dec 2025 | 4,309 | 242.8 | 17,747 |
| Nov 2025 | 4,087 | 245.9 | 16,621 |
| Oct 2025 | 4,058 | 230.8 | 17,582 |
Year by year since 1960 (yearly averages)
| Year | Gold buys (average) |
|---|---|
| 2026 (9 months) | 15,746 |
| 2025 | 14,211 |
| 2024 | 8,926 |
| 2023 | 5,782 |
| 2022 | 4,229 |
| 2021 | 5,781 |
| 2020 | 7,697 |
| 2019 | 6,932 |
| 2018 | 6,077 |
| 2017 | 7,262 |
| 2016 | 7,606 |
| 2015 | 5,740 |
| 2014 | 4,480 |
| 2013 | 4,516 |
| 2012 | 5,408 |
| 2011 | 5,014 |
| 2010 | 5,637 |
| 2009 | 4,401 |
| 2008 | 2,768 |
| 2007 | 2,840 |
| 2006 | 3,155 |
| 2005 | 2,921 |
| 2004 | 2,615 |
| 2003 | 2,492 |
| 2002 | 2,145 |
| 2001 | 2,139 |
| 2000 | 2,463 |
| 1999 | 2,494 |
| 1998 | 2,346 |
| 1997 | 2,086 |
| 1996 | 1,897 |
| 1995 | 2,204 |
| 1994 | 2,575 |
| 1993 | 2,587 |
| 1992 | 2,292 |
| 1991 | 2,855 |
| 1990 | 2,891 |
| 1989 | 2,255 |
| 1988 | 3,056 |
| 1987 | 3,959 |
| 1986 | 3,259 |
| 1985 | 2,353 |
| 1984 | 2,366 |
| 1983 | 2,683 |
| 1982 | 2,355 |
| 1981 | 2,625 |
| 1980 | 3,523 |
| 1979 | 1,895 |
| 1978 | 1,511 |
| 1977 | 1,436 |
| 1976 | 954 |
| 1975 | 1,088 |
| 1974 | 902 |
| 1973 | 747 |
| 1972 | 853 |
| 1971 | 663 |
| 1970 | 655 |
| 1969 | 702 |
| 1968 | 620 |
| 1967 | 533 |
| 1966 | 558 |
| 1965 | 589 |
| 1964 | 519 |
| 1963 | 546 |
| 1962 | 545 |
| 1961 | 598 |
| 1960 | 604 |
Gold vs Wheat: FAQ
How much wheat does an ounce of gold buy?
In September 2026 one ounce of gold bought 12,447 kg of wheat, using World Bank monthly average prices. A year earlier it bought 15,689, ten years earlier 8,811.
What is the long-run average?
Since January 1960 the average is 3,209 kg of wheat per ounce of gold and the median 2,485. The latest figure is higher than in 97% of months.
When did gold buy the most wheat?
In February 2026, at 19,488 kg of wheat. The least was 494 in April 1963.
Does a high ratio mean gold is overvalued?
Not necessarily. The ratio shows the price of gold relative to wheat, 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{corgano2026goldvswheatsince, author = {{Corgano}}, title = {Gold vs Wheat Since 1960}, howpublished = {\url{https://goldprice.corgano.com/gold-vs-commodities/wheat}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-26}}