ETF, the acronym for Exchange Traded Funds, means that the funds under consideration are traded in stock market. A stock market index determines the value of ETF and it depends solely on the value of index. In the same way, investing into GOld ETF is investing into the index of a Gold ETF of a particular stock exchange, the one you are trading in.
Gold ETF is of two types; viz, Gold Stock Index and Gold Price index. In Gold Stock index, you invest into the conglomerate of Gold Companies while in the later, you invest into an ETF that is related to the Gold spot price and whose value depends upon the value of Gold.
Either way you invest, Gold ETF is a nice way of utilizing your money. Obviously, GOld Price Index is more safer because the Price of Gold usually does not fall to an extent causing a recession. But, even Gold Stock Index is beneficial because you are investing into the stock index of a conglomerate of Companies and not a single company.
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