Better still, you should start investing in Sovereign Gold Bond issued by Govt of India. It provides 2-3% interest on top of gold price increment (if any) and are exchange tradeable after some year.
edit: 2.5%
https://m.rbi.org.in/Scripts/FAQView.aspx?Id=109
edit: 2.5%
https://m.rbi.org.in/Scripts/FAQView.aspx?Id=109