Gold (OG) options volumes moderated further in July, extending a three-month downtrend, which began after April’s high point. The monthly average daily volume (ADV) remained just above 35K contracts, while the ADV for Weekly options stayed just below 20K contracts. Gold prices remained elevated, hovering between $3,275/oz and $3,370/oz in July, reflecting ongoing geopolitical risks and expectations of looser monetary policy. 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 July, while the underlying ... (full story)