Is this the right time to buy gold?

The price of Gold has gone down to well over 1200 USD from a high of 1,600 USD.No, it's not a good time to buy gold, because there is no evidence that gold has reached the bottom. It's down nearly 30% just since the first of the year. That's not a safe haven.The prices may go down also to some extent. Hence I will not suggest you go for bulk buying of Gold. Instead, you should invest using SIP (Systematic Investment Plan) in a gold fund. There are many mutual fund companies (such as Birla sun life, HDFC) etc. that have launched gold fund. This will protect you from downside risk and also let you take advantage of price increase.