Long-run gold price and oil price

OIL PRICE AND GOLD PRICE

Grondstoffen prijzen. Lange-termijn ontwikkeling in olieprijs en goudprijs.

Oil price monthly from 1957.01, gold price monthly from 1947.01

(last updated 18 March 2023)

Note: Historically, both gold price and oil price were regulated, remaining relatively constant in nominal terms (i.e. US dollar price).

The basic pattern for real commodity prices is a long-term negative trend with occasional price jumps or volatility. Gold is a disappointing long-term investment asset, based on its long-run average return, but speculation, risk diversification and speculation objectives may provide a different perspective. 

The following graphs provide long-run views of these key commodities prices using alternative currency and nominal-real perspectives.

1. US dollar denominated, US cpi deflated

Oil: US West Texas Intermediate, $/barrel – nominal and real

Gold: London fixing, $/fine ounce – nominal and real (US cpi) 

2. Euro denominated, NL cpi deflated

Oil: UK Brent, euro/barrel – nominal and real

Gold: London fixing, euro/fine gram – nominal and real (NL cpi)