Yes, GYPSY is a Scrabble word!

Letter values in Scrabble US: G 2, Y 4, P 3, S 1, Y 4.

Is it a valid word?

GYPSY is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a laborer who moves from place to place as demanded by employment
a member of a people with dark skin and hair who speak Romany and who traditionally live by seasonal work and fortunetelling; they are believed to have originated in northern India but now are living on all continents (but mostly in Europe, North Africa, and North America)
the Indic language of the Gypsies

Not playable in Scrabble US: ROMANY, ROMMANY, ROMANI, ROMA.