If you've been watching from the sidelines, you may assume that today's rising gold prices mean you've missed the opportunity to invest in this precious metal. However, this might be the perfect time to add gold to your investment portfolio.

Gold approaching $3,000 an ounce is priced so far ahead of inflation that the yellow metal GC00 is unlikely to produce a positive real (inflation-adjusted) return in coming years.

Gold prices surged to a record high on Thursday, as fears of a global trade war sparked by U.S. President Donald Trump's tariff threats fueled safe-haven demand for the precious metal.

Correspondingly, local markets have experienced a substantial increase. The price of 24-carat gold per tola has surged by Rs1,000 , reaching Rs308,000. Similarly, the price of gold per 10 grams has risen by Rs857 rupees, reaching RS264,060.

India's retail demand for gold jewellery has been hit by the surge in gold prices to record highs since the beginning of the year, WGC said.

Gold soared toward the $3,000 mark on Thursday, reaching an intraday high of $2,973 and briefly surpassing $2,954 in the cash market.