Well, Zulfiqar Sb. who is immensely gifted and experienced may not agree with what I have to say but the thing is that we do not have access to the best sealing compounds in the "under developed" markets of Pindi and Peshawar.
What I use is the following material for all my sealing needs. For now it has not failed me. Of course you have to make sure that the two sealing faces are straight and true. Even the best sealing compound will be useless if the mating surfaces are warped and not true.
These two I bought in Saudi when I was working there, The one on the top (blue) is pretty good stuff. The one on the bottom (white) has excellent adhesive properties

This is the one I recommend. I bought this in Pindi. It is freely available and good for upto 625F temperature.

This one is very bad. Stay away from it.

Of course you will not have to use any sealant on the head gasket so that is one head ache out of the way.