The price of gold has broken so many records already in 2024 that investors would be forgiven if they had lost track. Starting the year priced at $2,063.73 per ounce, gold surged past $2,600 per ounce this week. And it’s possible, if not likely, that gold could surpass the $3,000 mark soon. And it’s easy to understand why. With inflation problematic for much of the last two years and market volatility more pronounced, investors turned to the safe haven that gold has historically presented. During uncertainty, gold can often maintain and even rise in value, as has already been recorded this year.

But as the price continues to grow with no clear end in sight, some beginners may be wondering if it’s still worth investing in. Specifically, is gold too expensive to invest in right now? Below, we’ll detail three reasons why it could still be worth pursuing despite the rising cost.

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Is gold too expensive to invest in now?

The price of gold can be prohibitive for select investors. However, an investment that’s already up 29% so far this year could be worth pursuing now, despite the pricey entry point. Here are three reasons why you should still consider investing in gold now:

Inflation hedge

Inflation has dropped dramatically from the decades-high 9.1% it was at in June 2022 to just 2.5% now. But that’s still a half percentage point higher than the Federal Reserve would prefer it to be. And it’s yet to be seen how the recent Fed rate cut will affect the inflation rate. Plus, inflation is cyclical and will inevitably spike again at some point in the future. And, as has been seen in recent years, that increase could be hard to predict. Knowing this, then, investors should hedge against inflation now with a small but critical addition of gold into their portfolio.

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Portfolio diversification

A diversified portfolio split between stocks, bonds and some alternative assets like gold and silver is generally considered a healthy one. That’s not to say that gold should make up a third or even a quarter of your portfolio (experts recommend capping it at 10%). But it’s still worth adding to provide a buffer against the volatility those other assets can endure, particularly now with geopolitical tensions high and uncertainty over a looming U.S. presidential election and the fallout there. And if the price is too high now, consider fractional gold or a smaller investment, which can be better than avoiding gold altogether.

Potential to turn a quick profit 

Primarily because of the above two features, gold is not traditionally considered a smart way to turn a quick profit or earn some income. But the surging price the metal has seen so far in 2024 isn’t traditional, either. So it may be worth buying now at the higher price if the potential to turn a quick profit by selling it at $3,000 per ounce, for example, is substantial. Just be cautious in your approach and monitor the price carefully (and daily) if this is your primary motivation for investing in gold now.

The bottom line

The rising price of gold can understandably discourage prospective investors from getting started now. But the conventional benefits of gold, like its ability to hedge against inflation and diversify portfolios, are still worthwhile even at the higher price. Plus, by investing in gold now, investors can potentially exploit a rare opportunity to earn quick income with the precious metal. So consider investing in gold now even with the price surging. But be proactive. With the price continuing to increase there’s no predicting when it could become fully out of reach.