Gold investors are bracing for increased market anxiety as the worst sell-off in oil since 1991 spurred a massive slump in equities

Bullion jumped above $1,700 an ounce when markets opened in Asia before pulling back as money managers cashed in gains to cover losses in other assets. A 30-day measure of expectations for price swings for the metal climbed to the highest since December 2015.

While gold is viewed as a classic haven popular during times of turmoil, it’s been a bumpy move up in the past month. The need to raise cash has prompted some investors to sell the metal. At the same time, increasing bets that the Federal Reserve will cut borrowing costs are boosting the appeal of the non-interest-bearing asset.