Abstract: The contemporary international gold market is a kaleidoscope of change and expansion. The amount of gold purchased annually has nearly tripled since the early 1970s, and gold markets around the world have thrived. Gold has emotive, social, and monetary worth, and it is purchased for multiple and diverse reasons by individuals all over the world, typically affected by nationwide social and cultural fundamentals, home country market conditions, and macroeconomic causes. Different areas of the gold market develop at diverse periods all through the global financial cycle due to the multiple uses of gold – in technology, ornaments, by investors, and central banks as well. Gold's features as an asset for investment are bolstered by the diversity of gold demand in terms of the various alternatives within the gold investment. In India, gold is regarded as one of the most alluring, lucrative, and popular investment choices. Gold is an indispensable component of the socio-economic lives of both the affluent and the poor, and it is a chief source of savings for the low- and middle-income families in both rural and municipal areas. Not only does gold play a significant role in India's cultural zeitgeist, but it also plays a significant role in the economy. This profound relation with gold may be seen not just in terms of tradition, but also in terms of economics. In recent years, gold has become more significant than merely for socio-cultural reasons, and it has earned a position in global financial portfolios. Therefore, this paper discusses gold investment and the factors that influence gold investments in physical forms. Gold has a variety of economic effects, one of which is the influence of gold imports on the balance of payments' trade balance and current account. As a result, the main emphasis of this paper is on examining alternate ways of investing in gold and researching the motives for doing so. Lastly, the paper attempts to investigate the impact of alternative gold investment products (paper/digital gold) by discussing the 'Financialization of Gold', which involves investing in gold-backed financial products that are not held in physical form, resulting in the transformation of the gold market and ecosystem. This study puts forth an analysis of comparison gold alternatives (Gold ETF and Sovereign Gold Bonds) and physical gold by looking at the returns and pricing, requirement, and import quantities of physical gold

Keywords: Gold investment, Gold Exchange Traded Fund (Gold ETF), gold mutual funds, Sovereign Gold Bond (SGB), digital/e-gold, bullion investment, Economic Growth.