What is the current GLD ATM implied volatility?

As of May 15, 2026, SPDR Gold Shares (GLD) at-the-money implied volatility is 23.3%. IV rank is 33.5% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.

Is GLD IV high or low historically?

IV is near its 1-year median, a regime where strategy choice depends on directional conviction and event calendar rather than vol regime.

What does GLD volatility skew tell options traders?

Volatility skew is the pattern by which IV varies across strikes for a given expiration. SPDR Gold Shares skew is roughly flat across the 25-delta wings. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.

SPDR Gold Shares (GLD) Volatility Skew

Implied volatility skew shows how IV varies across strike prices for a given expiration. Steeper skews indicate higher demand for downside protection relative to upside speculation.

SPDR Gold Shares (GLD) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $155.84B, listed on AMEX, carrying a beta of 0.16 to the broader market. The investment objective of SPDR Gold Trust (the "Trust") is for the shares to reflect the performance of the price of gold bullion, less the Trust's expensesThe first US traded gold ETF and the first US-listed ETF backed by a physical assetFor many investors, the costs associated with buying GLD shares in the secondary market and the payment of the Trust's ongoing expenses may be lower than the costs associated with buying, storing and insuring physical gold in a traditional allocated gold bullion account public since 2004-11-18.

Snapshot as of May 15, 2026.

Spot Price: $418.08
ATM IV: 23.3%
IV Skew 25Δ: 0.012
IV Rank: 33.5%
IV Percentile: 64.7%
Term Structure Slope: 0.000

As of May 15, 2026, SPDR Gold Shares (GLD) at-the-money implied volatility is 23.3%. IV rank is 33.5% (where 0% is the 52-week low and 100% is the 52-week high). IV percentile is 64.7%. The 25-delta skew is +0.012: skew is roughly flat across the 25-delta wings. High IV rank typically favors premium-selling strategies; low IV rank favors premium-buying.

GLD Strategy Selection at Current Volatility Levels

For SPDR Gold Shares options at 23.3% ATM IV, mid-range IV rank (33.5%) is the regime where directional conviction matters more than vol-regime positioning; strategy choice should follow the event calendar and the dealer-positioning view rather than IV rank alone. Pair the vol-rank read with the dealer-gamma view and the upcoming-events calendar to confirm the strategy fits both the structural regime and the path-dependent risk. The variance risk premium - the persistent gap between implied and subsequently realized vol - is positive in equity markets on average; high IV rank typically reflects a stretch where the premium is wider than usual.

Learn how volatility skew is reported and how to read the data →

GLD highest implied-volatility contracts

Type	Strike	Expiration	Volume	OI	IV	Bid	Ask
PUT	$418.00	May 22, 2026	12.7K	365	22.9%	$4.95	$5.20
CALL	$420.00	May 22, 2026	5.2K	158	22.6%	$4.40	$4.55
CALL	$418.00	May 22, 2026	31.3K	1.1K	22.9%	$5.40	$5.65
PUT	$419.00	May 22, 2026	4.1K	142	22.7%	$5.45	$5.70
PUT	$416.00	May 22, 2026	5.4K	211	23.2%	$4.10	$4.35
CALL	$418.00	May 22, 2026	31.3K	1.1K	22.9%	$5.40	$5.65
PUT	$417.00	May 22, 2026	10.5K	436	23.0%	$4.50	$4.75
CALL	$450.00	Jun 18, 2026	1.1K	73.7K	24.0%	$2.85	$2.88
CALL	$425.00	Jun 18, 2026	236	39.9K	23.2%	$9.35	$9.60

Top 9 contracts from the ORATS-sourced nightly scan; ranked by iv within the broader S&P 500/400/600 + ETF universe.

Frequently asked GLD volatility skew questions

What is the current GLD ATM implied volatility?: As of May 15, 2026, SPDR Gold Shares (GLD) at-the-money implied volatility is 23.3%. IV rank is 33.5% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.
Is GLD IV high or low historically?: IV is near its 1-year median, a regime where strategy choice depends on directional conviction and event calendar rather than vol regime.
What does GLD volatility skew tell options traders?: Volatility skew is the pattern by which IV varies across strikes for a given expiration. SPDR Gold Shares skew is roughly flat across the 25-delta wings. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.