What this ratio is

Divide the dollar price of one bitcoin by the dollar price of one troy ounce of gold and you get the number above. It answers a narrow question: how much gold does a bitcoin buy today, compared with what it bought before.

Why it is worth watching

Pricing bitcoin in dollars measures two things at once, bitcoin and the dollar. When the dollar weakens, bitcoin and gold both tend to rise in dollar terms, and a dollar chart shows green for both without telling you which actually gained ground. The ratio takes the dollar out of it.

That distinction has mattered recently. Since the conflict in the Middle East began in late February 2026, bitcoin is down roughly 4.4% while gold futures have fallen about 14.7% over the same window, which is the opposite of the usual framing of gold as the safer haven under geopolitical stress. Bitcoin's 90-day correlation with gold has meanwhile climbed above 50%, a six-year high, while its correlation with the Nasdaq 100 has fallen to 33%.

How to read it

A rising line means bitcoin is buying more gold than it did before, so bitcoin is outperforming. A falling line means gold is winning. A flat line through a period when both assets moved sharply in dollar terms means the move was mostly about the dollar rather than about either asset.

A note on the data

Figures come from CoinGecko's public pricing API, which quotes bitcoin directly against XAU, the standard code for one troy ounce of gold. Prices may be delayed and this page is a reference rather than a trading tool. Nothing here is investment advice.