After setting a quarterly record in Q2, Gold (OG) options volumes moderated further in August as trading activity returned to more measured levels. Combined month-to-date (MTD) average daily volume (ADV) across both tenors reached 73K contracts, a slight recovery from July and ends a three-month downtrend, which began after April’s high point. The monthly ADV remained just shy of 50K contracts, while the ADV for Weekly options stayed just below 23K contracts.

Gold prices remained within bound, hovering between $3,275/oz and $3,321/oz in August as markets await clarity from the Federal Reserve’s Jackson Hole symposium, reflecting ongoing geopolitical risks and shifting rate cut expectations. However, the lack of sharp directional moves kept implied volatility (IV) suppressed, as indicated in the gold CVOL chart (solid blue line), which showed a decline in August, while the underlying gold price (light blue dotted line) continues to trade near its peak. Expectations of a Fed rate cut remain open, with traders closely watching Jackson Hole outcomes and adjusting their expectations accordingly; a shift that is captured by  FedWatch.

Despite the overall moderation in volumes, Weekly Gold options maintained a stable base of activity, with an ADV just shy of 23K contracts, reflecting its use in tactical, event-driven strategies.

With volatility expected to persist, Gold options remain a crucial tool for risk management. Earlier this year, we expanded the listing schedule for OG options, allowing market participants to respond dynamically to geopolitical shifts and economic data releases, providing greater flexibility in managing market risk. Gold options are available in both monthly and Weekly formats, accessible every trading day of the week.

Copper (HXE) options volumes tapered off in August, following a rebound in July, with August volumes more in line with post-Q2 moderations seen in May and June. The pullback appears broad based, with both monthly (ADV of 5.2K) and Weekly (ADV of 350) contracts showing reduced engagement.

Underlying copper prices remained range bound amid muted industrial demand from China and cautious global growth sentiment. At the same time, improved physical output from key producers in LaTam helped ease supply side concerts, reducing directional activity in the markets. 

Additionally, the market was adjusting to the effects of a surprise U.S. copper cathode import exemption introduced at the end of July, which caused the HG Copper futures contract to fall back in line with global pricing benchmarks. 

While this development began in July, it remains a dominant theme through August, continuing to shape flows and sentiment. 

Despite August’s softer numbers, Q3 2025 is pacing to match Q2 2025 volumes overall, supported by a strong July. On a quarterly basis, Copper options remain well above 2023 levels.

Platinum (PO) options eased for a second consecutive month in August, with monthly ADV shy of 1K contracts, compared to the 4K high seen in June, which was the second strongest showing in the last 18 months. This follows a robust Q2 for Platinum options, which saw some of the highest sustained volumes in the past year.

Platinum’s price remained lower in August as July’s rally lost steam amidst a stronger U.S. dollar. Meanwhile, recovering supply from South Africa and tempered Chinese imports weighs on sentiment. However, structural demand tailwinds and clean energy applications continue to support longer-term interest. 

Earlier this year, we introduced new Friday expirations for Platinum Weekly options, providing market participants with expanded flexibility to manage short-term price risks in the PGM market. In July, Weekly options saw a small but encouraging 18 contracts traded, suggesting growing investor appetite for short-term tactical exposure characterized by supply constraints.

Silver (SO) options activity tempered in August, with monthly ADV tracking below July at just over 7K contracts. However, Weekly options maintained a consistent pace at 3K contracts, flat from July.

The underlying silver market traded within a tighter range of $37/oz to $38/oz through the month, as bullish momentum moderated and the dollar strengthened. While U.S. inflation data came in softer than expected, the strength of the dollar and mixed signals from global indices limited the upside in silver.

The consistency in Weekly options use underscores the growing structural role of short-tenor contracts around key macro data releases and in effectively navigating short-term price fluctuations.

Weekly options activity across gold, silver and copper maintained healthy participation through August, with a combined ADV of 24K contracts, largely in line with July figures. ADV saw relatively consistent performance across all five weekday expiries compared to July, though Fridays continue to dominate flows, reflecting a structured preference for managing week-over-week risk.

Despite quieter conditions in some underlying markets, and volumes were off peak levels seen earlier in the year,  the consistency in weekly flows throughout August suggests market participants are actively navigating news-driven volatility from macroeconomic events and shifting global dynamics with Weekly options as a tactical tool across trading strategies. .

Since its introduction in 2014, our suite of Metals Weekly options for gold, silver and copper allows market participants to gain exposure and manage price risk more precisely every day of the trading week.