Abstract: This empirical study investigates the complex relationship between gold prices and inflation in India, a country where gold is deeply entrenched not only as an economic asset but also as a cultural symbol. Recognizing gold's unique position in the Indian context, this research explores how global economic trends and domestic cultural practices converge to influence gold prices. The study utilizes examining key economic indicators such as crude oil prices, exchange rates, trade and fiscal deficits, and their interplay with gold prices. Employing unit root tests like KPSS and Ng-Perron, followed by Johansen’s cointegration analysis and Granger causality tests, the research uncovers significant long-term equilibrium relationships and directional influences among these variables. The findings reveal the multifaceted nature of gold in India, influenced by both global economic conditions and socio-cultural factors, offering insights crucial for policymakers and investors alike. This study contributes to a deeper understanding of the gold market in India, highlighting its role as an inflation hedge and its cultural significance, thereby enriching the broader discourse on gold in the global economic landscape.