Gold (OG) options tempered slightly in July with month-to-date average daily volume (ADV) of 39K for monthly contracts and 18.6K for Weekly tenors.

Underlying gold prices have remained range bound around ~$4,000/oz, as market participants reassessed the Federal Reserve's policy outlook after interest rates were left unchanged. The bullion also came under pressure from higher treasury yields and increasing oil prices amid raising concerns about further disruptions to global energy supplies.

While underlying gold prices (dashed line) consolidate, Gold CVOL (solid line) shows a steady decline from its early-year peak in February. This divergence highlights that while immediate safe-haven hedging has moderated, baseline implied volatility remains high compared to historical norms as the market prepares for its next directional move. This 30-day forward-looking index, alongside its corresponding skew and convexity sub-indices, is available as a daily data feed for institutional risk modeling.

Against the backdrop of unchanged interest rates, FedWatch reflects a market that has adjusted to remove near-term rate cut expectations. To navigate the resulting headline risks and economic data drops, market participants can utilize standard monthly contracts alongside daily expirations for the front 30 days, ensuring maximum execution flexibility across the Gold options curve.

Copper (HXE) options volumes moderated further in July, with monthly ADV reaching 3.8K contracts and Weekly options averaging 400 contracts per day. Underlying copper prices rose above $6.3/lb, as unchanged rates eased concerns about the demand outlook for industrial metals. Nevertheless, the red metals continue to draw support from the longer-term demand outlook in AI and energy transition.

Delayed U.S. tariff decisions have created a steep domestic price premium, pulling the majority of global visible copper stocks into American reserves. This steady drawdown of international inventories is creating regional supply tightness and risks deepening the structural split in the global copper market.

Despite these crosscurrents, steady volume across both tenors suggests that investors remain confident and are actively hedging their exposures. As the only exchange offering a screen for international Copper options, we remain the venue of choice for investors and funds seeking exposure. Our liquidity and flexibility continue to help participants navigate both short-term price swings and long-term risks effectively.

Silver (SO) options volume remained relatively flat in July, with month-to-date ADV tracking at 6K contracts for monthly tenors and 900 contracts for Weekly tenors. In the underlying market, spot prices faced downward pressure, trading sideways around $58/oz. This reflects silver’s dual identity: While the Federal Reserve’s decision to hold rates unchanged increases the opportunity cost of non-yielding assets, strong structural consumption from AI, data centers and electronics continues to support the longer-term outlook.

For desks managing the resulting gamma-hedging requirements through this period of consolidation, real-time Greeks and Implied Volatility calculations are accessible via the Options Analytics API.

Weekly options volume remained flat in July compared to June. ADV across the suite hovered around 20K contracts. While Friday expiries remain the core liquidity anchor, Monday and Wednesday tenors continue to build a strong secondary presence. Although trading has tempered since early-year peaks, consistent flow across Monday through Thursday highlights an ongoing structural shift: Market participants are increasingly leveraging Weekly options as a daily precision tool to manage macro- and event-driven risk in real time.

Since launching in 2014, Metals Weekly options across Gold, Silver and Copper have provided granular, same-day exposure and risk control throughout the trading week. Traders can also model strategy scenarios and monitor live Greeks across these tenors using the Trading Simulator.