Gold plays a significant role in India’s economy and culture, serving as a store of value and a hedge against economic instability. The study focused on long term impact of gold price with unemployment and with monetarist and Keynesian perspective. The study was based on quantitative analysis. The study results that there is a positive impact on gold price and disposable income and negative impact on unemployment and inflation considering both monetarist and Keynesian school of thought. It is also worthwhile for policymakers to consider these two aspects of developing more robust economic policies. Such a detailed understanding may be used by policymakers and investors to predict directions of gold price movement and prepare strategies for economic stability.