A Comparative Analysis of Gold Price Trends in India Before and After the COVID-19 Pandemic: Economic Drivers and Investment Behaviour

This study presents a comparative analysis of gold price trends in India before and after the COVID-19 pandemic, with a focus on identifying the key economic drivers and shifts in investment behaviour. India, being one of the world’s largest consumers of gold, witnessed significant changes in its gold market dynamics during the pandemic years (2020–2021) and the subsequent recovery period. The research examines gold price fluctuations from 2015 to 2025, dividing the timeline into pre-pandemic (2015–2019) and post-pandemic (2020–2025) phases. The study is based entirely on secondary data sourced from government reports, financial databases, and institutional publications. Through statistical and trend analysis, it explores the correlation between gold prices and macroeconomic variables such as inflation, interest rates, exchange rates, and global uncertainty. The findings indicate that during periods of economic instability—particularly during the pandemic—gold acted as a safe-haven asset, leading to record-high prices and a marked shift from physical gold purchases to financial instruments like Sovereign Gold Bonds (SGBs) and Gold Exchange-Traded Funds (ETFs). Additionally, the research highlights a growing awareness and maturity among Indian investors, who increasingly view gold as a strategic component of their portfolios. This transformation reflects not only market-driven factors but also the influence of government policy and financial innovation. The study offers insights valuable to policymakers, financial advisors, and researchers interested in commodity markets and behavioral finance in emerging economies.