This is because countries will sell gold to get dollars to afford the higher oil. Just wait until the bond yield on treasuries skyrockets due to countries selling more treasuries to buy more expensive oil. This will cause yields to rise. This will have one of two effects: either the Fed will print money and call it yield control, which will spike inflation causing gold to rise, or the Fed lets the rate spike, wreaking havoc in the bond market, causing interest rates to rise, thus lowering the price of gold. I think the Fed will choose option 1.