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.

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 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.

The price of gold has been bursting through records in the first month of Mr. Trump’s second term, recently trading at more than $2,900 per troy ounce. It is up about 12 percent already this year, on top of a 27 percent gain last year. Many strategists are upgrading their forecasts, predicting more gains ahead.

"Gold just took off like a rocket ship in the last few months," one local merchant said. "We're all along for the ride."

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.