As of August 8, 2026, the gold to copper ratio is 661, from a gold price of $4,342.26 per troy ounce and copper at $6.57 per pound. Over the past 52 weeks the ratio has ranged from 605 to 915.
The gold to copper ratio is the price of gold divided by the price of copper. At the latest snapshot: $4,342.26 divided by $6.57 = 661.
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The gold-to-copper ratio compares a safe-haven precious metal (gold) with copper, the most economically sensitive industrial base metal. Known as 'Dr. Copper' for its ability to predict economic trends, this ratio serves as a key economic indicator.
A rising gold/copper ratio suggests investors are favoring safe-haven assets over industrial commodities, often signaling economic uncertainty or recession fears. A falling ratio indicates optimism about economic growth and industrial demand. Many economists and traders consider this ratio a leading indicator for economic cycles, often anticipating market moves.
Gold and copper respond to opposite forces. Copper demand comes almost entirely from real economic activity: construction, power grids, appliances, and vehicles. Gold demand deepens when investors are worried and want a safe haven. Dividing gold by copper therefore produces a fear gauge. When the ratio climbs, safe-haven buying is outrunning industrial demand, which has historically coincided with slowdowns and recession scares; when it falls, factories are effectively outbidding vaults.
Many macro strategists also track the inverse copper to gold ratio against 10-year Treasury yields, since both tend to rise with growth expectations. No single ratio predicts recessions reliably on its own, but a sustained move in gold versus copper is a useful early sign that market positioning is rotating defensive.
The raw number mixes units: gold is quoted in dollars per troy ounce while COMEX copper is quoted in dollars per pound, so the ratio's absolute level matters less than its direction and its position within its own history. Use the timeframe controls to compare the current reading against its one-year and five-year ranges.
A ratio grinding higher over months suggests defensiveness is building even when headline prices look calm. Sharp spikes usually mark acute stress, with gold rallying while copper is sold on growth fears, and falling readings during a copper rally typically accompany reflation phases. Pair this chart with the individual gold and copper price pages to see which leg is driving the move, because a rising ratio can come from gold strength, copper weakness, or both at once.