Micro Gold, Silver and Copper Products Update

Highlights

On January 20, 2025, President Donald Trump took office, bringing ongoing concerns about U.S. tariffs and a pause in the rate-cutting cycle. These factors increased market uncertainty, which is reflected in the gold price. Gold gained 7.4% month-over-month (MoM), settling at $2,835/oz. in January 2025..
News of potential tariffs on Mexico and Canada towards the end of January contributed to a significant jump in active silver prices. Silver closed the month at $32.265/oz., up 10.3% MoM, marking the largest monthly gain since May 2024.
In addition to tariff concerns, copper prices rose 6.3% MoM to $4.2790/lb. This increase was driven by a weaker U.S. dollar and strong China industrial production rates in December 2024, which lifted market sentiment regarding Chinese demand.
Amid increasing market volatility, Micro Gold (MGC) futures continues to be a preferred risk management tool for many market participants. The 2025 year-to-date (YTD) average daily volume (ADV) reached 121,055 contracts, a 15% increase compared to FY2024.
We are also pleased to announce the launch of 1-Ounce Gold (1OZ) futures . This cash-settled Gold futures contract lowers the barrier for market participants to trade in one of the world’s most liquid gold markets.

MGC, SIL and MHG price movement and daily range (expressed in terms of one lot notional)

*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).

Options Heatmap (Change in OI from January 6 to February 5, 2025)

View current open interest and changes in volume and OI by strike, put or call, and expiration.

Key Economic Events in February/March 2025:

Key Economic Event	ET	GMT / BST	SGT / HKT
U.S. ISM Manufacturing PMI	Feb 3, 10.00 a.m.	Feb 3, 3.00 p.m.	Feb 3, 11.00 p.m.
U.S. Non Farm Payrolls	Feb 7, 8.30 a.m.	Feb 7, 1.30 p.m.	Feb 7, 9.30 p.m.
China Inflation Rate YoY	Feb 7, 8.30 p.m.	Feb 8, 1.30 a.m.	Feb 8, 9.30 a.m.
U.S. Inflation Numbers	Feb 12, 8.30 a.m.	Feb 12, 1.30 p.m.	Feb 12, 9.30 p.m.
FOMC minutes	Feb 19, 2.00 p.m.	Feb 19, 7.00 p.m.	Feb 20, 3.00 a.m.
U.S. Core PCE Price Index	Feb 28, 8.30 a.m.	Feb 28, 1.30 p.m.	Feb 28, 9.30 p.m.
China NBS Manufacturing PMI	Feb 28, 8.30 p.m.	Mar 1, 1.30 a.m.	Mar 1, 9.30 a.m.
China Caixin Manufacturing PMI	Mar 2, 8.45 p.m.	Mar 3, 1.45 a.m.	Mar 3, 9.45 a.m.
U.S. ISM Manufacturing PMI	Mar 3, 10.00 a.m.	Mar 3, 3.00 p.m.	Mar 3, 11.00 p.m.
China Balance of Trade	Mar 6, 10.00 p.m.	Mar 7, 3.00 a.m.	Mar 7, 11.00 a.m.
U.S. Non Farm Payrolls	Mar 7, 8.30 a.m.	Mar 7, 1.30 p.m.	Mar 7, 9.30 p.m.
China Inflation Rate YoY	Mar 8, 8.30 p.m.	Mar 9, 1.30 a.m.	Mar 9, 9.30 a.m.
U.S. Inflation Numbers	Mar 12, 8.30 a.m.	Mar 12, 12.30 p.m.	Mar 12, 8.30 p.m.
China Industrial Production YoY	Mar 16, 10.00 p.m.	Mar 17, 2.00 a.m.	Mar 17, 10.00 a.m.
U.S. Fed Interest Rate Decision, FOMC Economic Projection and Fed Press Conference	Mar 19, 3.00 p.m.	Mar 19, 7.00 p.m.	Mar 20, 3.00 a.m.
U.S. GDP Growth Rate QoQ	Mar 27, 8.30 a.m.	Mar 27, 12.30 p.m.	Mar 27, 8.30 p.m.
U.S. Core PCE Price Index	Mar 28, 8.30 a.m.	Mar 28, 12.30 p.m.	Mar 28, 8.30 p.m.
China NBS Manufacturing PMI	Mar 30, 9.30 p.m.	Mar 31, 1.30 a.m.	Mar 31, 9.30 a.m.
China Caixin Manufacturing PMI	Mar 31, 9.45 p.m.	Apr 1, 2.45 a.m.	Apr 1, 9.45 a.m.

Source: CME Group, Quikstrike

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