After the 1970s, the United States and oil-producing countries reached a dollar settlement of oil transactions. Oil is linked to the US dollar, and all oil settlements are made in US dollars. The price of oil is negatively correlated with the value of the dollar. When the dollar falls, the price of oil will rise to a certain extent, and the price fluctuation of gold is similar to that of oil. Historically, there is a reasonable price relationship between gold and oil, with 65,438+0 ounces compared with 65,438+05 barrels of crude oil. But it is not absolute. The sharp drop in the dollar means that inflation is intensifying and investors' risk aversion is intensifying, thus pushing up the price of gold.

As a resource, oil is indispensable to every country. If the international oil price rises, the import cost of China, Japan and other oil importing countries will inevitably lead to an increase in transportation costs, and then the cost of various products will rise, leading to an increase in prices, which is a manifestation of inflation. Generally speaking, oil is a scarce resource product, and now the rise in oil prices is the result of speculation by some oil futures institutions.