CME Group's September metals options report shows gold options trading activity flat versus August, with average daily volume around 52,000 contracts for monthly tenors and 25,000 for weekly tenors — sustaining the recovery from weaker second-quarter volumes.
In the underlying market, gold rallied to $4,684 an ounce in August before settling at $4,271 in September, as the Federal Reserve raised interest rates — lifting the dollar and 10-year Treasury yields and pressuring the metal.
Implied volatility has retreated from earlier peaks but remains elevated versus long-term averages, suggesting the safe-haven rush has cooled while the market awaits a fresh catalyst.
