Gold has long been considered a safe-haven asset, offering stability during market downturns. This research paper explores whether gold functions best as a hedge, a diversification tool, or a viable long-term investment. Gold prices account for currency and inflation risks, making it an effective hedge. However, when viewed purely as a long-term investment, does gold still hold an advantage over equities? This study has found that gold has outperformed NIFTY 50 while also providing diversification benefits. But does this mean one should prefer gold over equities? With the discontinuation of Sovereign Gold Bonds, retail investors may be uncertain about their next best investment option. And from the various alternatives to investing in gold, Gold ETFs should be the ideal choice. While Indian consumers have a deep-rooted preference for physical gold, Gold ETFs offer liquidity, efficiency, and convenience, making them a practical investment choice in the current market scenario.