Monetary vs energy · live ratio
Gold to Natural Gas Ratio
The gold to natural gas ratio is 1371 — gold at $4,154.46 per troy ounce divided by Henry Hub natural gas at $3.03 per MMBtu. One ounce of gold currently buys about 1371 MMBtu of gas.
It gets far less attention than gold against oil, and for good reason: natural gas is a regional, weather-driven market, so this ratio is noisier and less structurally meaningful than its oil counterpart.
Prices as of Oct 5, 2026, 6:32 AM UTC. Change either side of the calculator to price any other pair, or read the unit reference for how cross-unit ratios should be read.
Gold to Natural Gas Futures ratio
1.000 T.oz of gold = 1,371.1 MMBtu of natural gas futures
Inverse (NG-FUT/XAU): 0.0007293 — one MMBtu of natural gas futures buys that much gold.
Close to the middle of its 1 year range. (38th percentile of the last 1 year)
Gold
$4,154.46
per troy ounce
Natural Gas Futures
$3.03
per MMBtu
Unit basis: USD per troy ounce ÷ USD per MMBtu. The two legs are priced per different things — dollars per troy ounce against dollars per MMBtu — so the result is a rate: MMBtu of natural gas futures per troy ounce of gold, not a plain count. Prices as of Mon, 05 Oct 2026 06:32:45 GMT.
Prices on this page are delayed by up to 15 minutes. For real-time rates, use the CommodityPriceAPI.
1Y average
1402
median 1437
1Y low
741.5
Jan 25, 2026
1Y high
1911
Feb 27, 2026
Normal band
1135–1668
mean ± 1 std dev
Deviation from mean
-0.12σ
170 observations
Gold to Natural Gas Futures ratio charts
Pick a range once — it applies to the XAU/NG-FUT ratio line, the OHLC candles and the Gold / Natural Gas Futures price chart below.
XAU/NG-FUT ratio line
How many MMBtu of Natural Gas Futures one T.oz of Gold buys, over 1Y.
XAU/NG-FUT ratio candles
Open, high, low and close of the XAU/NG-FUT ratio for each period in the last 1Y.
Gold and Natural Gas Futures prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
How to calculate the gold to natural gas ratio
Gold to natural gas ratio = gold price per troy oz ÷ Henry Hub natural gas price per MMBtu
Gold is quoted per troy ounce and gas per MMBtu, so the result is a rate — MMBtu of gas per troy ounce of gold — not a plain count. It reads as purchasing power, not as a physical quantity of anything.
Worked example, live prices: $4,154.46 ÷ $3.03 = 1371. The inverse is 0.0007293.
Why this pair is noisier than gold to oil
Crude oil is globally fungible: it ships by tanker, trades on deep futures markets, and roughly one world price applies everywhere. Natural gas does not. Moving it requires pipelines or liquefaction, so Henry Hub, European TTF and Asian JKM can trade at wildly different levels for the same energy content. That regional fragmentation means almost all the movement in this ratio comes from the gas leg, not from gold.
Gas is also acutely seasonal. Storage fills through the injection season and draws down for winter heating and summer power-burn demand, so the price — and this ratio — can swing sharply on a weather forecast in a way gold and oil rarely do.
The shale effect on the long-run level
US shale production made Henry Hub gas structurally cheap from the 2010s onward, and because gas cannot easily arbitrage that gap to higher-priced regions without liquefaction capacity, the discount persisted for years. That kept this ratio on a rising long-run path even through periods when gold itself was flat.
Over the trailing 1 year the ratio has averaged 1400, ranging from 741.5 to 1911, with today's 1371 at the 39th percentile. Growing US LNG export capacity is the main force working against the long-run trend, since it gives Henry Hub gas a route to arbitrage against higher global prices.
Other commodity ratios
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Live prices behind the ratios
| # | Symbol | Name | Rate (USD) |
|---|---|---|---|
| 1 | XAU | Gold | 4139.66 |
| 2 | XAG | Silver | 61.04 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 90.06 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 101.72 |
| 5 | NG-FUT | Natural Gas Futures | 3.02 |
| 6 | XPT | Platinum | 1718.59 |
| 7 | XPD | Palladium | 1177.40 |
Frequently asked questions
What is the gold to natural gas ratio today?
The gold to natural gas ratio is 1371 MMBtu of gas per troy ounce of gold — $4,154.46 per ounce of gold divided by $3.03 per MMBtu of Henry Hub natural gas.
Why is gold to oil a more common ratio than gold to gas?
Oil is a single globally-priced commodity, so gold to oil reads as a clean monetary-versus-real-economy signal. Natural gas is regional and weather-driven, so most of the movement in this ratio comes from gas itself rather than from anything happening to gold — a noisier, less structural comparison.
Why has this ratio trended upward for years?
US shale production made Henry Hub gas structurally cheap relative to gold, and limited liquefaction capacity meant that discount could not be easily arbitraged away. Growing LNG export capacity works against that trend by giving US gas a route to higher-priced global markets.
Which gas benchmark does this use?
Henry Hub natural gas futures, quoted in US dollars per MMBtu. European TTF and Asian JKM often trade at large premiums to Henry Hub, so a ratio built on those benchmarks looks very different for the same ounce of gold.