The Relationship Between Crude Oil Prices, EUR/USD Exchange Rate and Gold Prices


  • Benlaria Houcine Jouf University, KSA
  • Gheraia Zouheyr
  • Belbali Abdessalam
  • Hadji Youcef
  • Abdelli Hanane


This study aims to analyze and measure the nature of the relationship between crude oil price, EUR/USD exchange rate, and Gold price by using monthly data from January 1999 to October 2019. The result of data analysis using Auto-Regressive Distributed Lag (ARDL) shows that there exists a co-integration relationship between the price of crude oil in U.S. dollars per barrel (C.O.), and the interpreting variables in this study, represented in the Euro Dollar Exchange Rate (E.R.) and the Gold Price in U.S. dollars per ounce (G.P.). The relationship that happened only in a short-term one. Granger causality test result shows one-way causal relationship from the Euro/ Dollar towards oil prices; that is, the variation in the exchange rate causes changes in oil prices. Also a unidirectional causal relationship has been found between the gold price and crude oil price. The relationship between the study variables is positive.

Keywords: Crude Oil Price, EUR/USD exchange rate, Gold Price, ARDL,

JEL Classifications: C58, Q24, Q43, F31



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Author Biography

Benlaria Houcine, Jouf University, KSA

Benlaria HoucineDepartment of Business Administration, Jouf University, KSA 




How to Cite

Houcine, B., Zouheyr, G., Abdessalam, B., Youcef, H., & Hanane, A. (2020). The Relationship Between Crude Oil Prices, EUR/USD Exchange Rate and Gold Prices. International Journal of Energy Economics and Policy, 10(5), 234–242. Retrieved from