Gold prices smash another record: What gold assets should you buy now?

Gold's price performance in 2024 has been extraordinary. The upward price surge first started in early March when the price of gold hit about $2,160 per ounce, and since that time, gold's price has shattered records almost continuously. In total, gold's price has climbed by about 33% since January 1, 2024 — and the price of gold just shattered another record this week, reaching $2,776.10 per ounce, a new peak in an already remarkable bull run. 

For early investors, this year's meteoric rise in gold prices has led to impressive returns. Those who bought gold at the $2,160 price point in March have already enjoyed substantial gains and even recent investors who entered the market at slightly higher levels have benefitted from the upward trend. This surge has also brought renewed attention to gold as an asset, not only as a long-term investment but as a tool for turning a quick profit in the current market. 

If you're contemplating entering the gold market amid these soaring prices, though, it's important to make strategic choices on what you invest in. In this environment, certain gold assets may offer bigger advantages than others — so you'll want to pick your gold investments wisely. 

Start adding gold to your investment portfolio today. 

What gold assets should you buy now?

Here are three gold options worth considering as the price of gold surges:

Physical gold bullion

Whether you're buying gold bars or gold coins, investing in physical gold provides unparalleled control over your investment with no counterparty risk, as you own the precious metal outright. Physical gold also offers a level of privacy in wealth storage that other investment vehicles cannot match while maintaining its position as a globally recognized and traded asset. 

Perhaps most importantly, though, physical gold serves as tangible insurance during severe economic disruptions, providing a time-tested store of value that has persisted through many periods of economic uncertainty. And, this year's steady rise in gold prices makes physical gold particularly appealing for those looking to hold onto an asset with long-term intrinsic value while also capitalizing on the opportunity for quick returns. 

It's worth noting, though, that owning gold bullion has its own set of challenges, such as storage and insurance costs. So make sure you factor those extra costs in when deciding what to invest in. 

Explore your gold investing options here.

Gold stocks

Gold mining stocks, which are essentially shares in gold mining companies, allow you to profit from both gold's price movements and the operational successes of gold mining companies. And, right now, these stocks can provide significant upside potential, as many mining companies will benefit from rising gold prices without directly correlating to the price of gold. 

That's because when the price of gold rises, mining companies often see their profit margins increase, which can lead to stronger stock performance and potential dividend increases. This makes gold mining stocks a suitable choice if you're comfortable with a slightly higher risk-reward profile and are looking for potential returns beyond gold's steady price increase. 

That said, gold mining stocks can be more volatile due to factors like production levels, operational risks and company management. But if you're comfortable with taking on slightly higher risk, investing in gold stocks could be a smart decision given today's unusual gold market.

Gold ETFs

Gold exchange-traded funds (ETFs) represent fractional shares in gold held by a financial institution, and as such, they can be bought and sold on major stock exchanges, providing a straightforward way to gain exposure to gold's price movements without physically holding it. And over the past year, many gold ETFs have also seen strong performance, closely mirroring gold's price surge.

Gold ETFs typically appeal to investors who want to avoid the logistical concerns of owning physical gold while maintaining exposure to its price movements. They also come with lower fees compared to other investment types and can be traded during market hours. This liquidity can be beneficial for short-term investors who may want to capitalize on gold's price fluctuations. 

Note, though, that gold ETFs don't provide the same ownership benefits as physical gold, and some investors might feel uneasy about holding a "paper asset." Still, if you're interested in a practical way to invest in gold without storage or additional insurance costs, investing in gold ETFs tends to be a solid choice.

The bottom line

With gold prices reaching an all-time high of over $2,776 per ounce, it's clear that investor demand remains strong right now — and if you're planning to invest, you have lots of options to consider. Whether you're looking for a tangible asset like physical gold, a flexible investment through gold ETFs or high-reward potential in gold mining stocks, there are numerous ways to leverage gold's rising value. Each option has its unique benefits and challenges, though, so consider your investment goals, risk tolerance and time horizon before making a decision.