Gold options trading volumes surged notably in April, with average daily volumes (ADV) surpassing 160K contracts. The increase was driven by demand across both monthly Gold (OG) options and Weekly contracts, with the latter contributing over 35K contracts, marking the strongest month.

This expansion in activity coincided with significant volatility in the gold market. Earlier this month, gold prices briefly surpassed $3,500/oz before retreating to around $3,318/oz, driven by shifting macroeconomic signals, geopolitical uncertainty and speculation about the U.S. Federal Reserve’s rate trajectory.

Monthly volumes surged significantly from March levels, continuing a strong upward trend observed throughout Q1 2025. Weekly volumes also grew at a similar pace. This reflects a broader upward trend in Gold options activity over recent months, with April contributing to strong YTD growth, positioning Q2 2025 as a standout period.

Copper (HXE) options posted a sharp rebound in April, with total ADV nearing 15K contracts, reversing slower Q1. Weekly options nearly doubled, reflecting growing use of short-tenor trades around macro development and supply headlines.

The broader copper market was influenced by easing U.S. tariff rhetoric and improved industrial output figures from China, both of which helped stabilize prices near $4.23/lb after a volatile March. Copper’s strategic importance in electrification and green energy themes also helped reinforce institutional demand.

This April marks one of the highest monthly volumes for Copper options since Q2 2024. The rise in both monthly and Weekly contracts suggests broader participation across investor segments. When viewed on a quarterly basis, Q2 2025 is tracking towards the strongest Copper options quarter since mid-2024, supported by a consistent MoM increase from February to April.

We are proud to offer best-in-class screen liquidity for Copper options, making us the only international exchange with a dedicated screen for these options. This has solidified our position as the venue of choice for investors and funds seeking exposure to copper.

In April, platinum prices pulled back from its March high, trading in a relatively stable range between $905 and $970/oz, supported by structural deficits in supply and consistent industrial demand, particularly in the automotive and jewelry sector.

Platinum (PO) options held steady in April, averaging 1.2K contracts per day, in line with the elevated range of the past three quarters. While not reaching new highs, the consistency in volumes highlights platinum's relevance in portfolios seeking precious metals diversification. ADV in April showed a marginal increase compared to March and remains above the 2023 monthly average. Quarterly trends show Q2 2025 maintaining a stable base of participation similar to Q1, with no sharp declines or spikes. This level of engagement suggests continued presence from market participants in managing their PGM price risk through listed options.

Silver options recorded steady gains in April, with ADV rising to over 18K contracts across. This marks a continuation of the upward trend that began in February, indicating a sustained return of market interest. This increase is well balanced between monthly and weekly tenors, both showing growth over March levels.

The underlying silver market strengthened throughout April, with spot price reaching $33.3/oz. Investors were drawn to silver’s dual utility role as a safe haven allocation as well as in industrial applications, particularly in battery and solar technologies.

On a quarter-to-date (QTD) basis, Silver options volumes are tracking ahead of Q1 2025 performance, supported by consistent MoM expansion. This data highlights an ongoing normalization in Silver options trading following earlier softness in late 2024. The continued rise in activity supports the view that the enhanced liquidity and flexibility provided by our Silver options enable market participants to effectively navigate both short-term price fluctuations and long-term risks.

In today's market, characterized by increased volatility, short-dated options can be a valuable addition to your portfolio. Our suite of Metals Weekly options for gold, silver and copper allows traders to gain exposure and manage price risk more precisely every day of the trading week.

Weekly options across gold, silver and copper saw expanded participation in April, with combined ADV close to a record of 40K contracts. This represents the strongest usage of short-dated Metals options thus far.

Compared to March, April’s Weekly options volume grew by more than 20%, with Gold Weeklies continuing to represent the lion’s share. Silver and Copper Weeklies also expanded their relative shares. On a quarterly basis, Q2 2025 is already tracking as the most active quarter for Metals Weeklies, supported by sustained increases across all three product groups.

The rise in volume aligns with macroeconomic events, driving a heightened need for hedging against price volatility. These volume increases benefit both new and existing market participants by enhancing market liquidity and reducing bid-ask spreads, making Metals Weekly options more accessible and effective.

What is the likelihood that the Fed will change the Federal target rate at the upcoming FOMC meeting? How can interest rates affect metals prices? Can I use short-term options to help manage the risk? Why keep asking questions? 

Use FedWatch to track the probabilities of changes to the Fed rate, as implied by 30-Day Fed Funds futures prices for the May 6 and May 7 meeting.

Below are the closest contract expiries for gold, silver and copper to help you manage risk around the Fed meeting in the most precise way.