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November 2025 Metals Options Update
Gold (OG) options volumes remained robust in November with combined average daily volume (ADV) over 100K contracts, positioning Q4 for a new quarterly high despite a slight drop from October’s record. Monthly Gold options averaged 70K ADV while Weekly options were 30K, reflecting steady tactical hedging demand. Gold prices are elevated above the $4,000/oz mark, supported by structural tailwinds, a strengthening U.S. dollar and rising optimism of a December rate cut. However, implied volatility (IV) remained range bound, declining in November as indicated in the gold CVOL chart (solid blue line), while the ... (full story)