Gold's price soars past a record $2,700: Why you should invest right now

The price of gold has surged in 2024, breaking numerous price records in the process. Getty Images

The price of gold continues to break records. That was the big news in the precious metal industry this week after the price of the yellow metal surged past $2,700. Now at $2,716.64 per ounce, the new price record comes just weeks after gold hit a previous record of around $2,600. That's after the metal started the year priced at just $2,063.73 per ounce – a dramatic 32% increase in less than a year. And there are no signs of cooling. Many experts now expect the price to rise past $3,000, perhaps as soon as this year.

Against this backdrop, then, prospective investors may want to get started now, before the price becomes out of reach. There are multiple, timely advantages to investing in gold now, whether you're a beginner just getting started with precious metals or a veteran looking to add the portfolio protection that gold is known to provide. 

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Why you should invest in gold right now

A rising price could scare some potential investors away from getting started with gold. But that would be a mistake. Here are three important reasons why you should strongly consider investing in gold right now:

You may be able to turn a quick profit

Although gold is considered to be more of a conventional, long-term investment the price growth it's experienced this year isn't exactly conventional. So, while you may be able to benefit from the long-term assistance it can provide your portfolio by maintaining and rising in value, now also offers investors a rare opportunity to turn a quick profit. Depending on when they invested this year (and with how much), current investors may have already made hundreds or even thousands of dollars with their gold. And with its current upward trajectory, new investors can potentially turn a similar, rapid profit. But you'll need to buy in now to be able to sell at a higher price.

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The price could soon become prohibitive

$2,700 isn't cheap for an ounce of gold, particularly when compared to what it cost one year ago. But it could become the less expensive option if you delay investing and gold's price continues to surge. At that point, the price could simply become prohibitive for your portfolio and you may need to look for alternatives like silver. Waiting for the price of gold to fall comes with multiple risks, the most obvious of which is that there's no guarantee it will actually drop. And with factors like inflation, economic uncertainty and geopolitical tensions - all of which drive the price of gold - still concerning now, waiting could be the wrong move.

Competition will increase - and you'll miss gold's benefits

In addition to the rising price, buyer competition for gold is also on the rise. Big retailers like Costco have sold out of gold bars multiple times already, as recently as this fall. So if you wait to buy physical gold it may be harder to obtain than it would be in a different economic climate. And missing out on the metal also means missing out on the benefits it can provide, like a hedge against inflation and portfolio diversification when other assets underperform. 

The bottom line

With gold's price surging with no clear end in sight, prospective investors should consider getting started right away. If they do, they may be able to turn a rare profit by selling what is normally considered a long-term investment. By acting now, they'll also circumvent any future price increases and rises in competition amid buyers. However, it's critical that investors keep gold as one part of a diversified portfolio, even with the price rise seemingly never-ending. Most experts recommend limiting gold to 10% or less of your portfolio in order to avoid overcrowding other, more volatile asset classes.