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One-month risk reversals on gold, a gauge of calls to puts, advanced to 0.5 on Wednesday to hit the highest level since Sept. 21, indicating increased demand for call options or bullish bets on the yellow metal. 

The metric has risen from -0.275 to 0.5 over the past two weeks, implying a bullish change in sentiment. A positive number indicates that call options are drawing a higher premium (or demand) than put options. 

At press time, gold is trading largely unchanged on the day near $1,907 per ounce, having hit a low of $1,859 on Oct. 29.