Which of the Three Elven Rings does Gandalf possess?

Of the Three Elven Rings, Gandalf possesses Narya, the Ring of Fire. It is one of the three Rings of Power made by the Elves of Eregion without Sauron's direct involvement.

Narya is set with a red stone and is associated with fire, courage, and resistance to despair. Tolkien describes its power as helping its bearer inspire others to resist domination and hopelessness. Unlike the One Ring, Narya is not primarily a weapon for controlling other Ring-bearers.

The Elf-lord Círdan originally held Narya at the Grey Havens. When Gandalf arrived in Middle-earth, Círdan recognised his wisdom and gave him the ring. Gandalf kept it hidden for much of the story, so it is not prominently identified in the main narrative until later material and Tolkien's wider notes.

The other two Elven Rings are Nenya, worn by Galadriel, and Vilya, held by Elrond. A common adaptation-related mix-up comes from different portrayals of the rings and their bearers, but in Tolkien's completed legendarium Gandalf's ring is Narya.