The short answer is yes, SMSFs can absolutely invest in gold. What’s more, a lot of funds already hold gold assets as part of their long-term investment strategy.
Gold investments are often seen as a way to preserve and protect wealth, essentially as a hedge against inflation. Rightly or wrongly, gold is also perceived to be a 'safe haven' asset during times of geopolitical and market turbulence, hence its popularity with some SMSF trustees.
Of course, any investment held within an SMSF must be held in line with the fund’s overall investment strategy.