In recent days gold has attracted the attention of common men, investors, policy makers and researchers. A hovering impression is that gold price increases whenever stock market slumps. In India such a scenario has been observed since last few years. It is with this backdrop, this article is an attempt to unveil any dynamics, if exist, between gold price and stock price movements using a sophisticated econometric tool, Toda and Yamamoto non-causality test. On the basis of the annual observations for the period 1978–1979 to 2010–2011, it has been found that both the prices have contained in themselves some information to predict each other.
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