Gold (OG) options moderated further in March, with month-to-date average daily volume (ADV) of 50K for monthly contracts and 17K for Weekly tenors. This represents a measured retreat from the record activity seen earlier in the quarter.

Gold prices likewise pulled back from their record high of $5,600/oz to test support near $4,500/oz. Markets are currently assessing the impact of the ongoing war in Iran, and markets are pricing in a more hawkish policy path following the nomination of Kevin Warsh as the next Federal Reserve Chair.,Consequently,10-year Treasury yields increased 5 basis points to 4.30%, creating a headwind for gold.

Despite the underlying gold price (dashed line) consolidating near its peaks, Gold CVOL (solid line) highlights a significant retreat from its early-year spike.

This suggests that while the safe haven demand has tempered, implied volatility remains historically elevated as the market anticipates the next major directional move. This forward-looking volatility benchmark, along with its sub-indices for Skew and Convexity, is available as a direct daily data feed for institutional risk modeling.

With rates left unchanged, FedWatch captures the latest market positioning, suggesting that expectations for a near-term cut are unlikely. Available every trading day in both monthly and Weekly contracts, Gold options enable market participants to dynamically respond to geopolitical shifts and economic data releases, providing greater flexibility in managing market risk.

Copper (HXE) options volumes moderated further in March, with monthly average daily volume (ADV) reaching 6K contracts and Weekly options averaging 500 contracts per day as market participants navigated a complex supply demand landscape. Despite underlying copper prices dipping slightly to $5.5/lb, trading activity remained tempered by significant increase in exchange-monitored inventories.This contraction in volume reflects a transition from the supply squeeze positioning seen earlier in the year to a more cautious range-bound approach as the markets weigh domestic supply tightness against rising international stockpiles.

Beyond immediate supply demand dynamics, the market faces looming policy risks as the U.S. Department of Commerce is set to release findings on cathode imports. These findings could set the stage for significant trade barriers, with reports suggesting a phased duty schedule of 15% in 2027 and 30% by 2028, introducing a new layer of structural uncertainty to the long-term outlook.

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.

Defying the broader volume contraction, Platinum (PO) options activity grew 35% month- to- date to 850 contracts. Platinum has emerged as a key diversification player this year, as it straddles the dual role as a monetary asset as well as a critical industrial component in energy transition technologies.

Platinum prices also retreated to just under $2,000/oz, marking a two-month low that tracks a broader pullback across the precious metals complex and an escalation in geopolitical tensions.

As gold and silver both faced a selloff earlier in the month, capital has rotated into the Platinum Group Metals (PGM) complex. This volume increase reflects growing institutional interest while hedging against production concentration risk.

Silver (SO) options activity experienced significant recalibration in March, with month-to-date ADV tracking at 6.2K contracts, a 38.7% decline from February. This retreat was primarily driven by a period of intense volatility and renewed selling pressure that began in late January and continued into the quarter, as the underlying prices corrected from its high of approximately $120/oz to $75/ozf.

Despite the recent dip in monthly activity, the broader trend remains positive. On a quarterly basis, Q1 2026 volumes remain on par compared to previous years, highlighting a period of sustained structural growth since 2024.

This growth underscores silver’s dual role as both a precious metal and an industrial input, making it uniquely sensitive to shifting macroeconomic trends and industrial demand expectations. For desks managing the resulting gamma-hedging requirements, real-time Greeks and implied volatility calculations are accessible via the Options Analytics API.

Despite the moderation in March, Weekly options continue to provide the precision needed for short-term risk management, with ADV hovering around 26K contracts.

While Friday expiries continue to remain as the dominant liquidity anchor, traders are increasingly using Monday through Thursday listings to manage week-over-week risk with greater precision. This shift underscores the evolution of Weekly options into a daily tactical tool, enabling market participants to navigate news-driven volatility from macroeconomic events and shifting global dynamics in real time.

Since their introduction in 2014, our suite of Metals Weekly options for Gold, Silver and Copper has allowed traders to gain exposure and manage price risk more precisely every day of the trading week. In addition, potential strategy outcomes and real-time Greeks for these tenors can be modeled and stress-tested using the Trading Simulator.