You are confusing an economic goods (oil) with a monetary goods (gold).
Oils is extracted to be consumed. As an economic imput material, a very high price will hinder and ravage economic activity. At vary high price, for example, coal-to-liquid and coal-to-gas industry will thrive, replacing oil to meet energy demand of the world.
Gold is mined to be hoarded. A big majority of all gold that has been mined in human history so far still exists. The function of gold as a mometary reserve is the major use, all other applications are secondary, and almost plays no part in determining gold's price trend.
The major factor in determining gold's prices are central bank activities.
As a monetary reserve, there is no ceiling to the price of gold. The higher the price, the happier the hoarders of gold.
Hoarding gold enchroaches no rights of others. But in todays world, you are committing a crime if you hoard too much of an economic goods while there is an acute shortage.
Do not confuse a monetary good, gold, with an economic good, oil, or any other useful goods.
The usefulness of oil is a strength, and a weakness in the same time.
The uselessness of gold is its strength as monetary asset.
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