New Delhi, Oct. 15 -- Every investor learns the same rule early: when stocks run, gold rests. They're supposed to move like a seesaw. Risk and refuge rarely rise together. And yet, here we are in late 2025 - watching both climb.

The S&P 500 and Nasdaq are testing record highs. Gold, meanwhile, has burst past USD 3,900 an ounce, up roughly 47 percent from a year ago. It's an unusual sight, and an important one. When safety and optimism rally at the same time, it usually means investors are hopeful but also just a little afraid.

Markets are forward-looking, but right now, they're also second-guessing.The Federal Reserve has inflation largely under control, though not comfortably so. U.S. inflation is hovering near 2.9 percent as of August...