Gold Investment in India: A Shift towards Sovereign Gold Bonds In India, gold is an integral part of tradition and culture, with most investors purchasing jewellery, coins, and biscuits before 2015. However, this form of investment comes with additional costs, such as locker facility fees for safekeeping. To address this, the Central Government launched three gold schemes on November 5, 2015, including the Sovereign Gold Bond (SGB) scheme, which is the focus of this study. The SGB scheme aims to discourage physical gold purchases and offer a secure and convenient investment platform. Backed by the Reserve Bank of India, SGBs are considered a safer alternative to physical gold, denominated in grams, and are substitutes for physical gold. This study examines the impact of SGBs on market liquidity, RBI's gold reserves, and Indian festivals, as well as their effect on physical gold demand and other investments.