The paper deals with a theoretical study of the effective shear modulus of a magnetic gel, consisting of magnetizable particles randomly and isotropically distributed in an elastic matrix. The effect of an external magnetic field on the composite modulus is the focus of our consideration. We take into account that magnetic interaction between the particles can induce their spatial rearrangement and lead to internal anisotropy of the system. Our results show that, if this magnetically induced anisotropy is insignificant, the applied field reduces the total shear modulus of the composite. Strong anisotropy can qualitatively change the magnetomechanic effect and induce an increase of this modulus with the field.