Gold is a tool to hedge against inflation. Rising oil prices mean that inflation will follow, and the uncertainty of economic development will increase. At this time, the safe-haven function of gold will be favored by people. There is a positive correlation between gold and crude oil. The rise of crude oil price indicates that the price of gold will also rise, and the fall of crude oil price indicates that the price of gold will also fall. In the medium and long term, the fluctuation trend of gold and crude oil is basically the same, but the amplitude is different. Generally speaking, the price of gold is positively related to the price of crude oil. The relationship between gold price and crude oil price.

There are two main reasons:

1. The rise of crude oil price will promote inflation. According to relevant data, the inflation rate will increase by about 1% for every increase in crude oil price. Inflation will reduce people's purchasing power of money, which is equivalent to the loss of money. Buying gold can fight inflation and preserve value. As people's demand for gold expands, the price of gold will eventually rise.

2. The fluctuation of US dollar will lead to the same fluctuation of gold price and crude oil price. In the international market, gold prices and crude oil prices are quoted in dollars, and international trade is also traded in dollars. Therefore, the dollar rose, and the price of gold and crude oil fell; When the dollar fell, both the price of gold and the price of the dollar rose.

Of course, it should be noted that the positive correlation between crude oil and gold prices is unbreakable, but this relationship is not absolute. In some special periods, the two will also deviate from this relationship. For example, in the 1970s, the oil price remained high, but the price of gold fell instead of rising, mainly because the US Treasury purchased some gold reserves for free to prevent investors from speculating on gold, and the founders of the International Monetary Fund also took the same measures, which led to an increase in the supply of gold in the market.