This is a jukugo word that uses the on'yomi readings of the kanji. You didn't learn this reading for 元 yet, so here's a mnemonic to help you:
Who's always there on the dawn of New Year's Day welcoming the new sun? Gandhi (がん). He sits on the edge of the earth and makes sure the sun feels welcome. What a nice guy.
I’m going to visit a shrine with my family on New Year’s Day.