• Saleemuddin Panwale
• Vaishnavi Rathore
• Durva Bhawar
• Prutha Phulambrikar
• Supriya Yadav, Samruddhi Ghundare

Gold and equities are both investment options in India, with gold being a safe haven in periods of economic uncertainty and inflation, and equities offering scope for higher returns with increased market risk. This paper studies inflation, gold returns, NIFTY 50 returns, and Gold Exchange Traded Funds (ETF) inflows in the Indian economy. The paper uses secondary data from the monthly basis for 12 years from 2014 to 2025. The paper applies descriptive statistics like EDA, correlation, time series analysis for trend and seasonality and regression to study the relations between the variables. The paper tries to establish if inflation has a significant impact on gold returns and NIFTY 50 returns, and if inflation and NIFTY 50 returns have a significant impact on Gold ETFs inflows. The paper finds that inflation has a very weak relationship with gold returns and no linear relationship with NIFTY 50 returns. It also finds that the regression results for both relationships are insignificant, and inflation has little to no impact on explaining the variations in gold and NIFTY 50 returns. The paper also finds that the multiple regression of inflation and NIFTY 50 returns is also not a significant predictor of Gold ETFs. The paper also studies yearly trends and seasonal trends of gold and NIFTY 50 returns. The paper concludes that inflation in isolation does not have a statistically significant effect on the gold returns, NIFTY 50 returns, and Gold ETF inflows during the time period studied. The results suggest that other macroeconomic, financial, and market variables might be more significant predictors of the three aspects. The paper adds to the body of literature that studies the relationship between inflation and investment options in the Indian financial market.

Inflation, Gold Returns, NIFTY 50, Gold ETF Inflows, Investment Behavior, Indian Stock Market, Gold Investment, Financial Markets, Correlation Analysis, Regression

"An Empirical Study of Inflation, Gold Returns, NIFTY 50 Returns, and Gold ETF Inflows in India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.13, Issue 10, page no.a590-a602, October-2026, Available :http://www.jetir.org/papers/JETIR2610065.pdf

"An Empirical Study of Inflation, Gold Returns, NIFTY 50 Returns, and Gold ETF Inflows in India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.13, Issue 10, page no. ppa590-a602, October-2026, Available at : http://www.jetir.org/papers/JETIR2610065.pdf