You can give gold to friends or family, including your godchild if you wish, in the form of coins, small bars or – for better security and lower costs – as physical investment bullion held and insured in specialist vaults.
Before investing in gold for your godson or goddaughter it's a good idea to check with their legal guardian about how best to do it. Opening a child's account to invest in gold using BullionVault, for instance, requires the child to have a bank account, perhaps owned jointly with their parents.