The study looked at how prices of gold, silver, metals, and energy commodities are determined in Indian futures markets. They found that there is a two-way relationship between spot and futures prices for certain commodities. For some commodities, spot and futures prices are in balance in the long term. The results show that both spot and futures markets play a role in determining prices for nickel. Copper and zinc prices are mainly influenced by the spot market, while silver, aluminum, and lead prices are more affected by the futures market. These findings can help traders make better decisions and regulators ensure the stability of commodity futures markets in India.