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Beyond the bling: demystifying the surge in India's gold ETF market

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  • Saket Ranjan Praveer
  • Baba Gnanakumar Perpetran
  • M.K. Baby

Abstract

This research investigates the surge in demand for Gold Exchange Traded Funds (ETFs) in India compared to physical gold between April 2019 and October 2023. It aims to identify the factors driving this shift, focusing on investor sentiment, risk-return profiles, and market trends. The study employs a two-phase approach. First phase analyses the relationship between gold and Gold ETFs in terms of price and returns using Pearson correlation and Granger causality tests. Second phase assesses investor sentiment through sentiment analysis of reviews from investment forums. Data is collected for gold prices, returns, Gold ETF prices, returns, and investor sentiment from April 2019 to October 2023. The analysis focuses on seven Gold ETFs with exponential growth: HDFC, ICICI, LIC, NIPPON, SBI, UTI, and KOTAK. The research findings provide valuable insights into the dynamics of investment surges and their implications for market participants.

Suggested Citation

  • Saket Ranjan Praveer & Baba Gnanakumar Perpetran & M.K. Baby, 2025. "Beyond the bling: demystifying the surge in India's gold ETF market," International Journal of Business Forecasting and Marketing Intelligence, Inderscience Enterprises Ltd, vol. 10(4), pages 507-526.
    • Handle: RePEc:ids:ijbfmi:v:10:y:2025:i:4:p:507-526
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