Gold (OG) options activity remained steady into December, with the month-to-date average daily volume (ADV) recorded on December 12 at just under 40K for monthly contracts and 23K for Weekly tenors. While volumes eased from October’s peak, they continue to reflect solid engagement from market participants into the year end. Gold prices still remain elevated at a seven-week peak of $4,300/oz (as of December 12), supported by a weaker dollar, ongoing geopolitical concerns and this week’s Fed rate cut. 

Implied volatility (IV) remained range bound, declining in December as indicated in the gold CVOL chart (solid blue line), 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 and adjusting their expectations accordingly - a shift captured by FedWatch.

With Q4 2025 now marking the strongest quarter on record for Gold options, the continued use of both tenors highlights its importance as a crucial tool for risk management. Available every trading day in both monthly and Weekly formats, they allow market participants to dynamically respond to geopolitical shifts and economic data releases, providing greater flexibility in managing market risk.

Copper (HXE) options volumes remained stable into mid-December, with ADV reflecting continued interest into the year end. Monthly ADV averaged 6.6K contracts, while Weekly options saw a modest uptick to 724 contracts per day.  Underlying copper prices traded near $5.45/lb, buoyed by stronger economic support expectations in China and this week’s Fed rate cut concerns. 

Looking ahead in the market, focus has increasingly turned to policy risk, with the U.S. Department of Commerce set to release its findings on copper cathode imports in early 2026. This could pave the way for phased tariffs, reportedly 15% in 2027 and 30% by 2028, adding a new dimension of long-term uncertainty to the copper market. 

Despite these crosscurrents, the volumes for both tenors suggests investors are cautiously confident and hedging exposures more actively. 

We offer the only screen for Copper options on an international Exchange. It remains the venue of choice for investors and funds to gain exposure to copper, as this liquidity and flexibility enable market participants to navigate both short-term price swings and long-term risk effectively.

Platinum (PO) options registered a strong start to December, with activity surpassing the full month of November’s total. As of December 12, monthly ADV reached 2.5K contracts, keeping Q4 2025 on track as one of the most active quarters in 2025 and extending the elevated trend in Platinum options seen since Q2 2025. 

Underlying platinum prices rose to around $1,700/oz, its strongest level since 2011, following this week’s Fed rate cut and optimism over recovery of Chinese demand.

Silver (SO) options climbed significantly in early December, with monthly ADV tracking around 21K contracts and Weekly options maintaining a consistent pace at 4.7K contracts. This put Q4 2025 as the standout quarter for the year, which reflects the continued trading interest across both tenors. The consistent use of Weekly options underscores their growing structural role in managing short-term price fluctuations and responding to key macro data releases.

Weekly options activity across gold, silver and copper ended 2025 with their strongest quarterly performance to date, with an all-time Q4 high of 50K contracts. Friday expiries continue to anchor the bulk (45%) of total Weeklies volume, reflecting structured preferences for managing week-over-week risk. 

The consistency in weekly flows throughout the year suggests market participants are using Weekly options as a tactical tool to actively navigate news-driven volatility from macroeconomic events and shifting global dynamics.

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