Gold (OG) options volume remained flat in May, with month-to-date average daily volume (ADV) of 41K for monthly contracts and 14.2K for Weekly tenors. Underlying gold prices have likewise hovered around ~$4,500/oz for most of the month as it struggles to break out of multi-week lows despite rising 1.1% earlier in the week due to conflicting negotiating signals over the Strait of Hormuz, keeping market participants cautious over inflation risk. Yields for 10-year Treasury ticked up slightly to 4.584%, increasing the opportunity cost of holding non-yielding assets and continuing to create a headwind for gold. Despite ... (full story)