Wong Yu Liang/Getty Images 
Gold had a banner year, with prices on the precious metal reaching record highs multiple times. Currently, the price per ounce sits at over $4,200, up from $2,600 at the start of the year.
That price run-up is certainly eye-popping, and it may have investors wondering if gold is still a smart investment after the new year rolls around. Are there still benefits of buying gold, given its higher price, though? Here’s what experts have to say about gold investments in 2026.
Find out how to add gold to your investment portfolio now.
Why gold could be a smart investment in 2026, experts say
Many investors purchase gold as a hedge against inflation or to serve as a diversifier in their overall portfolio. This is because gold tends to hold its value long-term, even as the value of the dollar falls. Gold’s value also tends to have less of a correlation to other asset classes, allowing you to retain wealth, while other types of investments — like stocks, for example — experience more volatility.
According to experts, both these protections may be necessary in the new year. Inflation has already risen steadily since early 2025, and there’s a chance this trend could continue, particularly if the Federal Reserve chairman is replaced as expected, says James Cordier, founder and head trader at OptionSpreaders.com.
“Looking at some of the recent discussions from the administration, it looks like Kevin Hassett will likely be the next Fed chairman,” Cordier says. “This appointment would deliver what could set into motion one of the most dovish Feds we’ve seen in quite some time.”
“It also sets the stage for a precipitous decline in the value of the dollar in 2026 and would likely be a major catalyst for gold prices to continue their climb,” Cordier says.
That’s the other reason you may want to invest in gold still: Prices still have room to grow, and potentially quite a bit. (Deutsche Bank recently predicted that gold prices could reach nearly $5,000 per ounce next year.)
“There are precious few reasons for gold prices to recede, and several good reasons for it to continue the current rally,” says Brett Elliott, director of content at the American Precious Metals Exchange (APMEX). “Apart from the fundamentals, the technicals tell us that gold isn’t done yet either. “
Darius Dale, founder and CEO of investment analysis firm 42Macro LLC, says the two major risk management models his company uses are currently signaling a long-term, bullish outlook for gold, and since 1998, those tools have been over 90% accurate.
In short: “If they are currently still bullish on gold, the investing public should be, too,” Dale says. “While a repeat of 2025’s around 60% year-to-date returns is unlikely, more double-digit gains are an easy hurdle to beat.”
Learn more about how gold investing could benefit you today.
Why gold may not be a worthwhile investment in 2026
On the flip side, nothing is set in stone, and there is always the possibility that gold prices could reverse course. Still, most experts aren’t expecting that to occur.
“The biggest risk heading into 2026 is that buyers decide gold has gotten too expensive and stop buying,” Elliott says. “Offsetting that, of course, are going to be the investors and central banks, though.”
If gold does fall in price next year, it would make for a poor short-term investment and could mean lower returns or even a net loss entirely. If you have a longer timeline, you may be able to make up for any declines and still see returns.
“Gold is always a good investment if your time horizon is long enough,” Elliott says. “Short-term investments in gold are normally harder to get a return on.”
The bottom line
Gold isn’t the only precious metal you can invest in next year. If you’re looking for a more economical option, silver can be one to consider. Its prices have been rising, much like gold’s price has, though silver offers a much lower entry point of just under $60 per ounce currently.
If you’re not sure which precious metal is best for your portfolio or what you should be investing in during the new year, talk to a financial professional. They’ll help you weigh your options and make the right decision for your budget and goals.