We present an effective yet simple approach to study the dynamic variations in optical properties (such as the refractive index (RI)) of graphene oxide (GO) when exposed to gases in the visible spectral region, using the thin-film interference method. The dynamic variations in the complex refractive index of GO in response to exposure to a gas is an important factor affecting the performance of GO-based gas sensors. In contrast to the conventional ellipsometry, this method alleviates the need of selecting a dispersion model from among a list of model choices, which is limiting if an applicable model is not known a priori. In addition, the method used is computationally simpler, and does not need to employ any functional approximations. Further advantage over ellipsometry is that no bulky optics is required, and as a result it can be easily integrated into the sensing system, thereby allowing the reliable, simple, and dynamic evaluation of the optical performance of any GO-based gas sensor. In addition, the derived values of the dynamically changing RI values of the GO layer obtained from the method we have employed are corroborated by comparing with the values obtained from ellipsometry.