GOLD Options History — January 2025

In January 2025, GOLD traded between $15.46 and $16.52. ATM implied volatility averaged 33.3%, placing in the 59.4% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded above realized volatility by 5.8% (HV 20d: 27.5%). Max pain ranged from $17.00 to $17.00. Net GEX was positive for 11 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 0.54.

Notable Days

2025-01-30: Highest Volume — 70,232 contracts
2025-01-10: Largest IV spike — 17.5% change
2025-01-30: Highest IV Rank — 69.7%
2025-01-30: Largest Expected Move — 10.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.87	$15.46	$16.52	$15.92	$16.41
Max Pain	$17.00	$17.00	$17.00	$17.00	$17.00
ATM IV	33.3%	28.9%	36.0%	32.3%	35.4%
Expected Move	9.8%	9.1%	10.6%	9.6%	10.3%
HV 20d	27.5%	21.9%	31.5%	31.5%	26.8%
HV 60d	29.5%	28.8%	30.2%	29.8%	29.3%
IV Rank	59.4%	42.4%	69.7%	55.4%	67.5%
IV Percentile	70.5%	20.2%	87.7%	64.7%	84.1%
Term Structure	0.4%	-1.9%	4.2%	-0.6%	-0.4%
VWIV	34.8%	32.5%	37.5%	33.4%	36.6%
Skew 25d	-0.2%	-1.3%	2.1%	0.2%	-0.4%
Skew 10d	0.3%	-2.8%	13.9%	-0.3%	-1.7%
Call IV 25d	34.1%	31.3%	37.3%	32.9%	35.9%
Put IV 25d	33.9%	31.2%	36.9%	33.1%	35.5%
Bid-Ask Spread %	27.67	19.25	35.74	29.89	19.25
Gamma HHI	0.18	0.13	0.31	0.16	0.16
Net GEX	1.4M	-4.8M	8.5M	-303.4K	8.5M
Net DEX	2.6M	-151.3M	88.4M	16.5M	-122.5M
Net VEX	-3.7M	-4.2M	-3.5M	-3.7M	-4.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.54	0.15	1.29	0.30	0.26
Total Volume	38,846.6	17,012	70,232	29,616	46,136
Total OI	1,339,841.85	1,064,034	1,559,399	1,458,431	1,220,879

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-01-02	$15.92	$17.00	32.3%	9.6%	31.5%	55.4%	33.4%	0.2%	-0.6%	-303.4K	16.5M	-3.7M	0.30	29.89	N/A	N/A	22,814	6,802	960,146	498,285
2025-01-03	$15.88	$17.00	32.3%	9.1%	31.4%	55.5%	32.5%	0.4%	0.7%	-131.5K	26.0M	-3.7M	0.33	33.85	N/A	N/A	12,790	4,222	966,101	500,215
2025-01-06	$15.54	$17.00	30.0%	9.7%	30.7%	46.6%	34.3%	-0.9%	4.2%	-2.0M	82.3M	-3.5M	0.31	34.22	N/A	N/A	21,075	6,600	963,285	497,521
2025-01-07	$15.52	$17.00	31.6%	9.8%	30.7%	52.7%	36.0%	-0.0%	1.6%	-2.0M	82.7M	-3.5M	0.50	34.46	N/A	N/A	16,430	8,197	970,222	502,330
2025-01-08	$15.84	$17.00	28.9%	9.9%	30.9%	42.4%	34.6%	1.3%	3.2%	-523.0K	28.8M	-3.7M	0.51	35.74	N/A	N/A	26,401	13,594	978,250	504,293
2025-01-10	$15.71	$17.00	33.9%	10.0%	30.6%	61.7%	35.6%	-0.4%	3.0%	-884.1K	47.0M	-3.6M	1.29	30.91	N/A	N/A	15,828	20,464	995,833	510,825
2025-01-13	$15.46	$17.00	34.9%	10.3%	29.3%	65.5%	36.5%	-1.2%	0.6%	-1.7M	88.4M	-3.5M	0.31	34.56	N/A	N/A	33,283	10,397	994,722	508,319
2025-01-14	$15.46	$17.00	35.2%	10.1%	29.0%	66.5%	36.3%	0.2%	-0.4%	-1.3M	79.8M	-3.5M	1.12	34.86	N/A	N/A	13,066	14,644	1,016,060	504,118
2025-01-15	$15.91	$17.00	33.7%	9.5%	30.2%	61.0%	33.4%	0.0%	-0.7%	1.7M	8.6M	-3.6M	0.38	29.94	N/A	N/A	19,925	7,614	1,023,266	507,730
2025-01-16	$15.75	$17.00	33.0%	9.3%	28.8%	58.3%	32.8%	-0.1%	-0.7%	1.8M	31.3M	-3.6M	0.94	21.61	N/A	N/A	23,009	21,624	1,028,423	511,602
2025-01-17	$16.01	$17.00	32.9%	9.3%	29.5%	57.8%	33.1%	-0.9%	-0.8%	-4.8M	-5.8M	-3.6M	0.39	25.10	N/A	N/A	46,708	18,331	1,040,688	518,711
2025-01-21	$15.96	$17.00	32.5%	9.3%	23.9%	56.4%	33.6%	-0.9%	0.6%	3.1M	-27.3M	-3.7M	0.46	22.72	N/A	N/A	30,104	13,928	673,625	390,409
2025-01-22	$15.77	$17.00	33.1%	9.5%	23.1%	58.7%	33.7%	-1.1%	0.4%	3.0M	-4.0M	-3.7M	0.91	23.20	N/A	N/A	18,232	16,651	691,399	399,302
2025-01-23	$15.71	$17.00	33.1%	9.5%	21.9%	58.5%	33.1%	1.3%	0.4%	2.3M	10.9M	-3.7M	0.79	19.27	N/A	N/A	18,736	14,711	699,594	410,227
2025-01-24	$16.13	$17.00	32.8%	9.4%	23.7%	57.5%	33.1%	-0.9%	0.2%	3.9M	-57.3M	-3.9M	0.54	23.56	N/A	N/A	37,201	19,978	708,562	421,013
2025-01-27	$16.06	$17.00	33.8%	10.4%	23.8%	61.3%	37.1%	2.1%	-0.7%	3.2M	-35.9M	-3.9M	0.44	23.15	N/A	N/A	17,926	7,956	714,351	430,427
2025-01-28	$15.96	$17.00	35.2%	10.1%	23.8%	66.5%	35.5%	-1.0%	-1.2%	3.3M	-27.9M	-3.9M	0.50	23.20	N/A	N/A	15,892	7,971	722,955	435,452
2025-01-29	$15.91	$17.00	35.6%	10.3%	23.6%	68.1%	36.6%	-1.3%	0.0%	3.5M	-19.1M	-3.9M	0.15	26.98	N/A	N/A	50,108	7,352	731,409	438,365
2025-01-30	$16.52	$17.00	36.0%	10.6%	26.6%	69.7%	37.5%	-0.4%	-1.9%	8.2M	-151.3M	-4.2M	0.26	26.84	N/A	N/A	55,852	14,380	767,752	440,171
2025-01-31	$16.41	$17.00	35.4%	10.3%	26.8%	67.5%	36.6%	-0.4%	-0.4%	8.5M	-122.5M	-4.1M	0.26	19.25	N/A	N/A	36,643	9,493	778,687	442,192