The research aims in determining the influence of various macroeconomic variables like stock market indices, exchange rate, interest rates and crude oil prices on the price of gold. This has been carried out by collecting daily prices of the above mentioned variables for a period of 8 years ranging from 1-4-2009 to 31-3-2017. Tools like regression and correlation have been used to evaluate the relationship between each independent variable with the dependent variable. It has been observed that gold has a significant relationship with SENSEX and interest rates, a moderate relationship with exchange rate and a low relationship with crude oil.