The reasons why crude oil is directly proportional to gold are:
1, the international gold and crude oil prices are all priced in US dollars, and the fluctuation of US dollar exchange rate will directly lead to the same fluctuation of gold price and oil price.
2. High oil prices will aggravate inflation, leading to an increase in the price of gold.
3. The fluctuation of crude oil price directly affects the operation of gold in oil-producing countries, which leads to the fluctuation of gold price. For example, during the period of rising crude oil prices, the crude oil dollars held by oil-producing countries will expand rapidly, so these countries will correspondingly increase the proportion of gold in their international reserves and increase the demand for gold in the international gold market, thus pushing up the price of gold.