Gold prices hovered around $3,300/oz in June, supported by modest gains in Treasury yields and persistent global monetary uncertainty. Market participants leaned more on flexible Weekly expirations, which accounted for nearly half of the volume, highlighting demand for tactical positioning around Fed commentary and data releases. Heightened geopolitical tensions in the Middle East further bolstered gold’s safe-haven appeal.

Gold (OG) options activity was softer in June, tapering down from highs seen in April’s, but Q2 is still on track to be the strongest quarter to date. The average daily volume (ADV) dipped just below 40K contracts in June, but open interest (OI) remained strong at 900K lots, reflecting investors' continued attention to gold amid lingering macroeconomic tailwinds.

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 day of the trading week.

June’s encouraging weekly volume indicates cautious positioning ahead of Chinese manufacturing data releases and potential supply disruptions. 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.  The market remains in a waiting position as clarity on copper tariff policy will not be given until the fall.

Copper (HXE) options  ADV rebounded 15% in June from May’s slump, reaching 5K contracts. However, this slight pullback dampened Q2 quarter-over-quarter performance despite April’s high. Underlying copper prices hovered around $4.80/lb in June.

This enhanced liquidity and flexibility enable market participants to effectively navigate both short-term price fluctuations and long-term risks.

Platinum (PO) options surged to a record in June, reaching the highest level since September 2024, with an average 4K contracts per day. This marks the highest monthly rate year-to-date and is double the previous high set in September 2024. This represents the strongest showing in the last 18 months.

This momentum mirrors platinum’s price rally to around $1,200/oz, backed by tight physical market conditions and increased industrial applications.

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 June, Weekly options saw a small but encouraging 31 contracts traded, suggesting growing investor appetite for short-term tactical exposure characterized by significant supply constraints.

This resurgence reverses the softer tone seen in May and builds on April’s high, suggesting broader interest in silver. This coincides with a pullback of the dollar and increased attention on silver’s dual role in the monetary and industrial complex.

Silver (SO) options posted a strong recovery in June, with an ADV of 16.8K contracts, the highest monthly total year to date. Both monthly and Weekly tenors saw a significant uptick in ADV compared to May.

While Q2 still trails the highs seen in mid-2024, June’s performance stands out as a bright spot in the quarterly profile. The rise in weekly activity, now accounting for nearly 20% of total silver options flow, highlights the growing use of Weekly options to effectively navigate short-term price fluctuations.

Weekly options activity across gold, silver and copper remained encouraging in June. ADV saw relatively consistent performance across all five weekday expiries compared to May, though Fridays continue to dominate flows, reflecting a structured preference for managing week-over-week risk.

The consistency in weekly flows throughout June suggests market participants are actively navigating news-driven volatility from macroeconomic events and shifting global dynamics. On a quarterly basis, Q2 2025 is already shaping up to be the most active quarter for Metals Weeklies, driven by sustained increases across all three product groups.

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.