Gold’s price has cooled. Here’s what investors should do now.

After breaking multiple records in 2024, the price of gold has cooled in recent weeks, settling at $2,361.47 per ounce as of June 6. That’s down almost 3% from the $2,426.33 price the metal was selling for on May 20. And while that price drop may not appear dramatic (gold is still up more than 14% from its price point on January 1), the change in price presents an opportunity for prospective investors to get started. 

That said, gold doesn’t function in the same capacity that other assets do. So whether you’re a beginner or savvy investor, there are some strategic approaches to take when investing in the metal during this unique price period. Below, we’ll break down three moves to make while the price of the precious metal is still down.

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What investors should do with gold’s price cooling

Ready to take advantage of the current dip in gold prices? Consider these three moves now:

Review all of your options

While the price of gold is lower right now, you may have to deal with markups based on the type you invest in and the company you work with. This could cost you significantly more — or you could pay fair market value, depending on the type you ultimately invest in (and how you do so). So be sure to review all of your options before spending any money. 

From gold IRAs to gold ETFs to gold futures and stocks (not to mention physical gold bars and coins), there are plenty of ways to get invested in the yellow metal. Take the time to review each so that the one you choose is the most cost-effective and valuable for your budget right now.

Learn more about your top gold investing options here.

Get invested now

Like all investments, the timing needs to be just right to minimize risk and maximize earnings potential. Right now is that time for gold. With many experts predicting a future gold price of $3,000 per ounce, it’s beneficial to take advantage of today’s temporary dip by investing right now. If you wait, you could get priced out and lose the opportunity (and all of the benefits) a gold investment can provide. 

And remember that gold, with a few small drops here and there, generally moves in an upward direction. So this could be one of the last opportunities to get invested at a reasonable entry price. 

Don’t overinvest

Amid recent price volatility and today’s current price dip, it may be tempting to overinvest in gold right now. But that would be a mistake. Remember, gold is more of a hedge against inflation and a portfolio diversification tool instead of a way to turn a quick profit. 

While you can make money by investing in gold, particularly this year, it’s generally safer to consider it a portfolio protector versus a get-rich-quick investment. So be sure to keep any prospective gold investment, regardless of the type you choose, limited to 10% or less of your overall portfolio. This will allow other, more volatile assets to flourish while still benefiting from gold’s rising price.

The bottom line

With gold’s price down from recent record highs, now may be the time for investors to get started. To get the most out of their investment, however, they should carefully review all of the potential ways to get started, consider acting quickly and take a measured approach by limiting how much of a role gold has in their larger portfolio. By taking a nuanced approach today, investors can potentially reap the benefits gold can provide both now and in the months and years to come.