GOLD Options History — March 2025

In March 2025, GOLD traded between $17.63 and $19.52. ATM implied volatility averaged 32.1%, placing in the 54.9% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded above realized volatility by 0.6% (HV 20d: 31.6%). Max pain ranged from $17.00 to $18.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.42.

Notable Days

  • 2025-03-06: Highest Volume — 90,551 contracts
  • 2025-03-26: Largest IV spike — 26.1% change
  • 2025-03-11: Highest IV Rank — 72.8%
  • 2025-03-11: Largest Expected Move — 11.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$18.84$17.63$19.52$17.63$19.48
Max Pain$17.52$17.00$18.00$17.00$18.00
ATM IV32.1%22.3%36.8%33.1%30.7%
Expected Move9.9%8.8%11.9%10.2%9.3%
HV 20d31.6%24.8%38.1%35.1%26.2%
HV 60d30.0%28.0%31.6%31.1%29.2%
IV Rank54.9%17.2%72.8%58.6%49.3%
IV Percentile53.8%0.4%90.9%68.7%35.7%
Term Structure-0.2%-2.9%3.3%0.3%3.3%
VWIV34.9%30.8%41.8%35.6%32.8%
Skew 25d0.4%-6.8%6.4%6.4%0.3%
Skew 10d-1.7%-13.3%7.0%-12.5%-10.8%
Call IV 25d32.8%26.9%38.3%33.2%31.0%
Put IV 25d33.2%28.5%39.6%39.6%31.3%
Bid-Ask Spread %31.7017.7140.1934.2033.53
Gamma HHI0.190.140.270.140.24
Net GEX16.3M10.6M20.2M12.7M14.8M
Net DEX-474.3M-601.6M-287.7M-287.7M-499.2M
Net VEX-4.6M-4.7M-4.4M-4.4M-4.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.420.081.030.380.62
Total Volume45,383.95221,94490,55131,59952,925
Total OI1,291,6671,143,7381,365,7511,284,3791,197,679

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-03-03$17.63$17.0033.1%10.2%35.1%58.6%35.6%6.4%0.3%12.7M-287.7M-4.4M0.3834.20N/AN/A22,8958,704843,010441,369
2025-03-04$17.84$17.0034.0%10.3%35.2%62.2%36.2%-6.8%0.4%14.6M-337.0M-4.5M0.3834.62N/AN/A23,2338,813850,323443,478
2025-03-05$18.45$17.0034.7%10.1%36.7%64.6%36.3%-0.4%-2.9%19.4M-469.6M-4.6M0.3933.05N/AN/A36,25214,025856,940447,302
2025-03-06$18.43$17.0033.0%10.3%36.4%58.0%36.6%0.2%-2.6%19.9M-463.2M-4.6M0.0834.46N/AN/A84,2066,345861,142456,051
2025-03-07$18.73$17.0035.1%10.2%36.6%66.5%36.5%-0.2%0.2%18.3M-535.6M-4.7M0.2830.23N/AN/A31,6048,988905,940459,811
2025-03-10$18.23$17.0036.8%11.6%38.1%72.7%41.0%0.3%-1.2%14.9M-385.8M-4.7M0.3031.13N/AN/A25,7547,630872,340456,024
2025-03-11$18.51$17.0036.8%11.9%37.4%72.8%41.8%-0.3%0.3%16.9M-453.1M-4.7M0.9722.48N/AN/A20,20819,521880,872458,240
2025-03-12$18.45$17.0035.5%10.9%36.9%67.9%38.7%1.3%0.6%17.2M-426.2M-4.7M0.8127.25N/AN/A13,89511,216888,376463,809
2025-03-13$18.77$17.0036.0%11.5%31.5%69.7%40.4%0.1%-0.2%20.2M-507.3M-4.7M0.2623.58N/AN/A55,48814,330892,489460,678
2025-03-14$18.77$17.0033.8%9.9%31.0%61.4%35.8%-0.1%-0.1%19.3M-510.0M-4.6M0.3527.56N/AN/A51,39818,193898,446465,907
2025-03-17$19.20$18.0032.0%9.4%29.9%54.4%33.3%0.4%-0.6%17.8M-557.3M-4.7M0.5529.47N/AN/A27,14715,062869,901463,935
2025-03-18$19.41$18.0033.2%9.7%29.3%58.9%34.3%0.8%-1.0%19.3M-601.6M-4.7M1.0330.56N/AN/A43,16544,635876,543469,966
2025-03-19$19.39$18.0031.7%9.4%28.3%53.2%32.8%0.9%-0.4%19.9M-599.0M-4.7M0.3130.38N/AN/A17,8745,623886,276466,754
2025-03-20$19.31$18.0030.8%9.2%28.4%49.8%32.1%0.7%-0.4%16.5M-572.8M-4.6M0.4239.00N/AN/A21,0748,888886,889469,026
2025-03-21$18.79$18.0030.6%9.2%28.9%49.0%32.3%1.6%-0.6%12.9M-457.2M-4.5M0.5139.20N/AN/A25,35513,032890,582472,945
2025-03-24$18.93$18.0028.6%8.8%29.0%41.2%30.9%1.6%0.1%10.6M-394.2M-4.5M0.1717.71N/AN/A27,8414,640743,029400,709
2025-03-25$19.38$18.0022.3%8.8%29.4%17.2%31.1%-0.2%0.4%13.1M-471.3M-4.6M0.1633.79N/AN/A35,8315,599753,934403,081
2025-03-26$19.31$18.0028.2%8.8%28.6%39.7%30.8%0.7%0.8%14.6M-470.7M-4.5M0.5038.92N/AN/A14,6267,318775,533405,575
2025-03-27$19.52$18.0028.8%8.8%24.8%42.0%31.1%0.9%0.6%16.3M-515.0M-4.6M0.2234.33N/AN/A30,1216,615781,174408,000
2025-03-28$19.13$18.0029.3%9.1%25.8%43.9%31.9%-0.7%-2.4%12.7M-447.3M-4.6M0.2240.19N/AN/A51,53011,464790,883410,046
2025-03-31$19.48$18.0030.7%9.3%26.2%49.3%32.8%0.3%3.3%14.8M-499.2M-4.7M0.6233.53N/AN/A32,68720,238788,504409,175