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 movement that oil used to that is acting as a barometer of global uncertainty,” the RBI Governor said, PTI quoted.Malhotra further observed that the current global trade policy environment could hurt growth in some economies. He also warned that stock markets, led by technology stocks in recent rallies, might be getting complacent.“Correction might be in the offing,” he remarked, adding that fiscal stress is evident in almost every major economy.Earlier this week, the RBI had left the key interest rate unchanged at 5.5 per cent with a neutral monetary policy stance, noting that while the global economy has been more resilient than expected, the outlook remains clouded.Meanwhile, spot gold edged higher on Friday to $3,867 per ounce and is poised for a seventh consecutive weekly gain. On Thursday, the metal had retreated from a record high of $3,896.9 per ounce to close at $3,856.6 per ounce.