I agree, Beth, it is obvious salvation is the gift spoken of in that verse - and there are other NT passages that also refer to salvation as a gift.

Romans 6:23 For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.

John 4:10 Jesus answered and said unto her, If thou knewest the gift of God, and who it is that saith to thee, Give me to drink; thou wouldest have asked of him, and he would have given thee living water.