The connection between them (how I read the situation): Rising oil prices fuel inflation concerns, making it more likely that interest rates will remain high or even rise again. This strengthens the dollar and weighs on gold despite its safe-haven status, while limiting gains in Bitcoin as a risk asset. One analysis noted that higher oil prices could keep interest rates elevated and limit short-term gains. However, if inflation comes in below expectations today, both gold and Bitcoin could recover. (fxempire)
The key event now is today’s U.S. inflation report (CPI). Figures vary slightly across sources, and this is not investment advice.
Scenarios: If core inflation comes in higher than expected, the dollar and yields may rise, putting pressure on gold and Bitcoin. If it comes in lower, concerns about rate hikes may ease and both assets may recover. If it matches expectations, the focus will be on the increase being driven solely by energy.