With continued geopolitical tensions, U.S. debt ceiling negotiations and expectations of a potential rate cut, gold prices remained well above $3,000 per ounce in May, just shy of its all-time record set in April.

While the average daily volume (ADV) of Gold (OG) options dipped to just below 60K contracts in May, open interest (OI) remained robust, exceeding 1.1 million lots. Although May’s ADV and OI fell short of the record highs seen in April, Q2 2025 remains on track to be the strongest standout period for Gold options trading across both monthly and weekly tenors.This trend is further reflected in the behaviour of the CME Gold Volatility Index (GCVL), which has remained relatively stable despite heightened geopolitical headlines and elevated realized volatility.  - a good indicator of sustained market liquidity during volatile periods. 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. Monthly contracts are now available for up to 22 consecutive months, with additional long-dated expirations added in June and December for the nearest 72 months for OG. This expansion allows market participants to respond dynamically to geopolitical shifts and economic data releases, providing greater flexibility in managing market risk. Gold options, available in both monthly and Weekly formats, are accessible every trading day of the week.

Copper (HXE) options ADV declined in May following notable gains in April. Both monthly and Weekly contracts saw a reduction in overall volumes. However, Q2 remains directionally stronger compared to Q1 due to April’s higher base.

Underlying copper prices remained range-bound, trading between $4.55 $4.80 per pound. Stabilizing Chinese demand and less aggressive trade rhetoric likely contributed to dampening demand for short-term risk management.

Platinum is stepping back into the spotlight as buyers priced out of the gold market are increasingly looking at it as a precious alternative. Since May 19, prices rebounded back beyond $1,000/oz, supported by structural deficits in supply and increased demand in the jewelry sector.

Platinum (PO) options picked up meaningfully in May, reaching its highest level since Sep 2024, averaging 1.75K contracts per day. This marks the strongest showering thus far this year. While not reaching new highs, the consistency in volumes highlights platinum's relevance in portfolios seeking precious metals diversification. Quarterly trends show Q2 2025 maintaining an elevated base of participation over Q1, suggests increased presence from market participants in managing their PGM price risk through listed options.

Silver options volumes pulled back in May, continuing the softening quarterly trend observed across since its peak in Q2 2024.  Both monthly and weekly tenors saw lower ADV versus April, bringing Q2 2025 in line with the quieter tone seen over recent quarters.

Since mid-April, the underlying silver market has been trading sideways within a narrow price band between $30.80 and $33.40/oz.

While down from previous highs, 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.

Following a particularly active April, Weekly options activity across gold, silver and copper pulled back in May. ADV saw softer performance across all five weekday expiries, though Fridays continue to dominate flows. Despite the dip, 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.

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.