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Call options on gold are drawing record premiums, indicating increased demand for bullish bets amid broad-based risk aversion in the financial markets.

One-month risk reversals on gold (XAU1MRR) have surged to a record high of 4.30 from Friday’s print of 3.975, having bottomed out near 0.85 on Feb. 12. 

A positive number indicates the implied volatility premium or demand for calls is higher than that for puts. 

Gold’s spot price is currently trading at $1,698 per Oz, representing a 1.5% gain on the day. The yellow metal is up over 10% on a year-to-date basis. 

The stock markets in Asia are a sea of red on Monday and the S&P 500 futures are down over 4%. The coronavirus-led risk aversion has been bolstered by fears of an all-out price war between Saudi Arabia and Russia.