When you consider that prices, interest rates, and margins are mostly manipulated now by central governments, banks, and mega corporations, instead of allowed to seek their levels by free market discovery, it explains much.
Oil is actually useful. If you have oil, you have energy. If you have gold, you have something that is of no use to you, unless you can find someone else who has something you need who is willing to trade it for your gold.
With gold, you are always beholden to the whims of others. If you own the actual things you will need, you are beholden to nobody.
If food was imperishable, would you rather have enough gold to buy all the food you need for the rest of your life, or to actually HAVE all the food you need for the rest of your life?