Domestic gold futures have receded 8 per cent from all-time high of Rs 56,191, registered last month, but many analysts still think the yellow metal is in an uptrend long-term perspective.

But is there more correction due left from the current level, making your investment even cheaper compared to the current price? Looking at present global economic conditions, uncertainty in the US presidential elections and geopolitical tensions, gold will give a positive return in the medium to long term, according to analysts."Those looking for medium to long term investment in gold can buy and accumulate on every dip in the range of $1940-1880 per troy ounce range.

At MCX, Rs 51,100-50,000 appears to be a good range to buy and accumulate in domestic market," said Manoj Jain.

director and head of commodities at IndiaNivesh.On Friday, Multi Commodity Exchange gold futures, expiring October 5, rose by Rs 267 - or 0.52 per cent - to end at Rs 51,720.

At the current level, gold futures are off Rs 4,471 from their peak of Rs 56,191, registered on August 7.Globally, Comex gold futures - the global benchmark for deriving the price of the yellow metal - were at $1,962.10 per ounce.Wealth planners advise allocating a portion of investment portfolio to gold at any given time, regardless of market situation.

This recommendation, however, varies from 10 per cent to as high as 15 per cent, based on their strategies.