RBI Governor Sanjay Malhotra on Friday said gold prices may now be acting as a fresh barometer of global uncertainty, similar to how crude oil once reflected geopolitical risks, even as he cautioned of a potential correction in global equity markets. Speaking at the Kautilya Economic Conclave 2025, Malhotra noted that despite widespread fiscal stress, oil prices have remained range-bound in the face of geopolitical tensions, which in earlier decades would have triggered sharp spikes, PTI reported. "Despite geopolitical tensions that would have sent oil prices soaring in an earlier decade, they (oil prices) have been very range bound. This could be due to a decline in oil intensity in GDP, not just in India, but across the world. Perhaps gold prices now are showing the kind of move

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