Goldman's research, explains analyst Jeff Currie, shows oil has relatively small leverage to the "vulnerable" emerging market economies thanks to very low price elasticity, and he notes oil has been unresponsive (i.e. flat to up) amid the EM troubles this year (combined with record seasonal low stocks).
Gold, in contrast, has a good deal of price elasticity (think jewelry demand) and very large leverage to "vulnerable" EM economies. Currie's team also expects "spillovers" from the EM slowdown to developed market economies hitting gold investment demand.
Gold meanwhile is up another 0.5% today and has taken out $1,300 per ounce for the first time in three months.