Abstract
Gold are one of the precious metal in the world and a part of by and large all types of civilization. Mankind has always been fascinated by Gold since ancient times. Gold has more concerns due to its value and impact on the economy. In the late 20th century Gold standards have been the most widespread source for monetary policies, which is displaced by paper currency now. Since 2009, the total quantity of Gold mine in human history is about 165,000 tons which is approximately equal to 5.3 billion troy ounces. The world Gold consumption in percentage volume is about 50% in jewelry, 40% in investments, and 10% in industry. Since ancient times, Gold is one of the most valuable and expensive metal. Worldwide, Gold is a monetary system in which its value is being used as currency and economic standards of accounts in many international markets. Gold has been commonly used as a medium for monetary exchange throughout the world, In past it was valued with the use of Gold coins and was also recognized with bare metal quantities, whereas now it is found as Gold-convertible paper instruments after the establishment of Gold standards in which the overall worth of paper money is embodied in a store of Gold reserves. Besides its extensive monetary and emblematic roles, Gold has been used practically in dentistry, electronics, and other fields. It is highly flexible, ductile, resistant to oxidization and chemical reactions, being a good conductor of electricity it is now used in electric wiring, colored-glass production and even Gold leaf eating. Because of Gold's distinguishing properties, it has numerous industrial uses, like applied in photography, coloring, and is currently for cancer treatments. Hence, on the whole function of Gold in the global financial system today is yet more imperative than before, because of an emergent hazard to the rulers of a paper empire. In view of the fact that Gold market is an imperative fragment of global financial system (Sharma & Baby, 2015),its value determination for future is very important .The process has been done with econometric modeling of gold prices. Farah Naz & Zahid Ahmad 76 Journal of Indian Studies Historical figure showed that India possesses the prominent position among largest consumers of Gold in the world. The fluctuations in gold prices affect the in the economy in India. Thus, it is crucial to predict Indian gold prices which the core objective of this study.