New Delhi, Jan. 29 -- Good morning!

Gold and silver are on a scorching rally, but India's retail traders are quietly shifting their gaze to something more combustible: energy.

Over the past three months, options trading in crude oil and natural gas has surged on the Multi Commodity Exchange of India Ltd., driven by rising geo-political tensions between the US and Iran, and an unusually harsh winter boosting global heating demand.

The result? Energy's share of MCX's options premium turnover has climbed back above 60%, overtaking bullion once again. Retail traders, nudged by higher volatility and easier access via online brokers are clearly enjoying the action. "Volatility is the magnet", as analysts put it, especially in products like c...