Gold prices surged above $5,000/ounce (₹1.59 lakh/10 gm) in the Asian market after falling around 11% from the record high hit on January 29 at Friday's close, Bloomberg reported. The precious metal climbed 1.3% to $5,028.77/ounce (₹1.6 lakh/10 gm) as of 8.28 am in Singapore. This comes as dip-buyers returned to the market amid expectations of US interest-rate cuts.