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Gold, which is considered to be the most precious metal (Bilal, Talib, Haq, Khan, & Naveed, 2013), from ancient times has been considered as a very conservative investment. Studies examining the utility of gold have found evidence in favour of gold as a source of the hedge (Narayan, Narayan, & Zheng, 2010; Bampinas & Panagiotidis, 2015), diversification (Ibrahim, 2012; Hoang, Lean, & Wong, 2015), as well as a safe haven in times of adverse market movements (Ciner, Gurdgiev, & Lucey, 2013; Bredin, Conlon, & Potì, 2015). This paper attempts to study how global gold price trends impact domestic gold prices and domestic gold price trends contemplate in international gold markets. The study has been based on 3157 observations of daily data recorded over a period of 13 years – from March 2005 to December 2018 – to show the relationship between the USA and India’s gold market. This paper fills the need for empirical evidence for the short and long-term interrelation between India and USA gold markets and the results show no evidence of a long-term association between Indian and COMEX gold spot prices.

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This research represents the demand and supply of Gold as a natural resource and it’s contribution to the GDP of the country. The market for gold is dynamic in nature and many factors are impacting it at any given time. Gold having an economic feasibility leads to exports and investments and its consumption consists of precious jewelry and watches etc. It is the utmost important natural resource for the world and Australia is having it in abundance. It acts as a catalyst to investment in terms of storage of value for the people of the country and in terms of mining for the producers. Gold exports contribute to the economic output and ultimately leads to the incremental GDP of the country.