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February 2026 Metals Options Report
Following the heightened volatility swings of late January, Gold (OG) options moderated in month-to-date average daily volume (ADV), which reached 56K for monthly contracts and 20K for Weekly tenors. Gold prices remain elevated near $4,990/oz as markets recalibrate following the release of FOMC minutes and shifting expectations around U.S. monetary policy. Despite the underlying gold price (dashed line) consolidating near record peaks, Gold CVOL (solid line) highlights a significant retreat from its early-year spike. This suggests that while the idea of gold as a safe-haven asset has tempered, implied volatility ... (full story)