Gold (OG) options moderated further in April, with month-to-date average daily volume (ADV) of 42.5K for monthly contracts and 17.3K for Weekly tenors. This represents a measured normalization from the activity seen earlier in Q1, as market participants navigate a “tug of war” between hawkish macroeconomic shifts and escalating geopolitical tensions. While underlying gold prices showed resilience by climbing above $4,700/oz, the metal remains in a volatile range, having retreated from its early year high of $5,600/oz. While geopolitical instability typically bolsters bullion, the persistent closure of the Strait of ... (full story)