Is gold still worth buying this holiday season?

With the holiday season quickly approaching and spending expected to exceed that of 2023, many Americans may be wondering about their potential gift options. Some may even be considering gold, either in jewelry form or other traditional types like bars and coins. Gold is often a popular gift this time of year, but the price of the metal isn’t exactly what it was last November, either, having grown dramatically for much of 2024. So there may be some understandable hesitation surrounding the gift of gold. But that doesn’t mean it’s worth skipping, either.

For those unsure, it’s worth exploring if gold is still worth buying (and giving) this holiday season. Or are American shoppers better served by looking for an alternative? That’s what we’ll break down below.

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Is gold still worth buying this holiday season?

While the price of gold has ticked up considerably year-over-year, there’s still a strong argument for buying in now. Here are three big reasons why:

The price is lower than it was

The price of gold dropped considerably in November, starting the month priced at $2,736.35 per ounce on November 1 to $2,607.51 per ounce on November 18 — a nearly 5% drop in less than three weeks. That offers an appealing entry price point for buyers right now. 

And remember, that price is tied to an ounce of gold. If the jewelry you purchase weighs less or you decide to turn to fractional gold instead, your price point will also be lower. So consider how much you want to buy and then start shopping for companies and sellers that can help you get started at today’s lower price point.

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The price will inevitably rise again

Gold price dips are inevitable but, long-term, the price of gold tends to remain strong and it moves in an upward direction. Even though gold is priced lower now than it was at the end of October, it’s still up 26% from the $2,063.73 per ounce it was priced at on January 1. So, the price of gold will inevitably rise again, potentially in the weeks ahead if inflation readings and other economic indicators aren’t positive. Buy in now, then, before a gold purchase in December becomes even more costly than it already is. 

Gold is a safe-haven asset with long-term value

A somewhat volatile gold price shouldn’t cloud buyer and investor confidence. That’s because gold, historically, is more of a safe-haven asset with long-term value versus something that can be bought, sold, and bought again like stocks and bonds. This is the enduring reason why so many buy gold jewelry — it remains valuable and strong for years to come, something which can’t be said for many other purchases. It’s critical, then, to remember this long-term approach to gold when considering adding it to your shopping list this holiday season. 

The bottom line

With the price of gold lower than it’s been but with the potential for it to rise again, many potential buyers may find now an advantageous time to purchase gold either as a gift or as an investment for themselves. With its reputation as a safe-haven asset with long-term value unchanged, even with the recent price movement, it makes sense to continue buying gold. That said, the price is still higher than it’s ever been, so investors and buyers should approach the precious metal with a smart and strategic approach to boost their chances of success.