1. As the price of oil rises, so will the price of gold.

When the oil price falls, the gold price will also fall.

Second, the negative correlation between the dollar and oil.

1. When the dollar depreciates, oil prices will rise.

When the dollar appreciates, the oil price falls.

Third, gold and the dollar has a negative correlation.

1. From the perspective of gold demand, because gold is denominated in US dollars, when the US dollar depreciates, buying gold in other currencies can buy more gold with the same money, which leads to an increase in gold demand, thus pushing the price of gold higher.

2. If the dollar appreciates, the price of gold will become more expensive for investors who use other currencies, which will curb consumption and lead to a decline in the price of gold.

Extended data:

First, the main drivers of global inflation

1, crude oil is the main driver of global inflation.

2. Crude oil directly affects PPI inflation in major economies and CPI inflation in major global economies in both direct and indirect ways.

Second, the monetary attribute pricing of commodities.

1. Gold is a commodity with monetary attribute pricing.

2. Gold has commodity attribute, monetary attribute and financial attribute, and its price anchor lies in its monetary attribute; The essence of gold's anti-inflation function and hedging function lies in the negative correlation between gold that does not raise interest rates and the return on capital (real interest rate), which fundamentally reflects that gold with monetary attributes can be regarded as a universal equivalent.

Third, the sustained balance between inflation and market risk appetite.

1, the price of gold and oil is a continuous equilibrium between inflation and market risk preference.

2. Crude oil affects inflation, and gold follows inflation. Most of the time, the ratio of gold to oil fluctuates in a relatively stable range.

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