GOLD Options History — December 2025

In December 2025, GOLD traded between $30.24 and $34.86. ATM implied volatility averaged 47.4%, placing in the 79.3% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded below realized volatility by 117.5% (HV 20d: 164.9%). Max pain ranged from $25.00 to $30.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.06.

Notable Days

  • 2025-12-31: Highest Volume — 1,389 contracts
  • 2025-12-18: Largest IV drop — 32.6% change
  • 2025-12-16: Highest IV Rank — 99.4%
  • 2025-12-16: Largest Expected Move — 15.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$32.42$30.24$34.86$30.53$34.22
Max Pain$28.25$25.00$30.00$25.00$30.00
ATM IV47.4%36.2%54.9%41.3%53.2%
Expected Move13.6%10.4%15.7%11.8%15.3%
HV 20d164.9%28.1%172.9%172.5%28.1%
HV 60d105.5%105.3%105.7%105.4%105.6%
IV Rank79.3%49.4%99.4%63.0%95.0%
IV Percentile95.6%75.0%99.6%94.8%98.4%
Term Structure2.5%-11.1%21.9%1.3%7.3%
VWIV48.1%42.7%53.9%49.8%51.6%
Skew 25d6.8%-1.4%23.6%-1.4%5.4%
Skew 10d16.2%-2.9%64.6%-2.9%5.7%
Call IV 25d46.0%35.5%53.6%35.5%50.4%
Put IV 25d52.8%34.1%72.4%34.1%55.9%
Bid-Ask Spread %87.4636.14103.1636.1496.09
Gamma HHI0.470.330.650.560.33
Net GEX445.9K0720.2K0301.8K
Net DEX-14.6M-18.6M00-14.1M
Net VEX-34.0K-41.8K00-37.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.060.000.250.020.03
Total Volume518.47601,38901,389
Total OI10,142.762012,70708,601

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-02$30.53$0.0041.3%11.8%172.5%63.0%0.0%-1.4%1.3%0000.0036.14N/AN/A0000
2025-12-03$31.49$25.0048.8%14.0%172.3%83.2%49.8%13.6%-6.0%695.3K-18.3M-41.6K0.0288.14N/AN/A6121310,8851,701
2025-12-04$30.88$30.0045.4%14.5%171.9%74.1%47.9%2.2%0.6%687.3K-16.4M-41.8K0.0192.18N/AN/A291210,9381,712
2025-12-05$30.95$30.0044.3%13.3%171.8%71.0%46.1%5.5%-2.1%719.2K-17.5M-39.8K0.0394.98N/AN/A187510,9641,711
2025-12-08$30.24$30.0049.4%14.0%172.6%84.8%51.1%2.9%-1.3%681.1K-14.7M-38.6K0.0793.28N/AN/A2711910,8991,710
2025-12-09$31.27$30.0054.4%14.1%172.7%98.3%48.0%5.0%0.5%695.2K-17.0M-38.5K0.0192.03N/AN/A277310,9611,711
2025-12-10$31.14$30.0048.3%13.9%172.9%81.9%44.8%12.3%2.9%703.2K-16.5M-37.7K0.00103.16N/AN/A219010,8781,712
2025-12-11$31.36$30.0048.2%13.8%172.1%81.5%52.4%0.1%2.3%716.5K-17.1M-37.4K0.0387.76N/AN/A3651010,9101,712
2025-12-12$31.84$25.0047.0%13.5%171.9%78.2%45.2%6.4%1.8%720.2K-18.6M-36.0K0.0090.76N/AN/A753310,9841,723
2025-12-15$31.80$25.0049.9%14.3%171.8%86.2%45.6%12.3%1.7%622.7K-17.1M-33.1K0.0189.03N/AN/A671810,4681,724
2025-12-16$32.31$25.0054.9%15.7%171.6%99.4%48.8%23.6%-11.1%553.1K-16.3M-32.7K0.0196.77N/AN/A83469,9111,725
2025-12-17$32.49$25.0053.8%15.4%171.5%96.5%53.9%10.9%-4.7%300.9K-15.1M-31.4K0.1681.83N/AN/A172279,5241,728
2025-12-18$32.89$25.0036.2%10.4%171.3%49.4%42.7%2.7%1.1%203.9K-15.8M-30.9K0.2587.32N/AN/A4511119,5631,738
2025-12-19$33.25$25.0044.7%12.8%171.1%72.2%44.9%-1.1%10.1%204.5K-16.1M-32.1K0.0389.34N/AN/A1,254359,6821,840
2025-12-22$33.52$30.0041.0%11.7%171.0%62.1%42.8%8.4%21.9%225.0K-11.5M-32.1K0.0989.54N/AN/A308285,6011,328
2025-12-23$34.42$30.0043.9%12.6%170.6%69.9%43.3%7.6%2.0%238.9K-12.3M-32.5K0.0181.81N/AN/A72755,7481,334
2025-12-24$34.86$30.0048.0%13.8%170.4%81.0%48.9%2.5%1.0%263.8K-13.5M-35.0K0.0188.92N/AN/A19926,2361,339
2025-12-26$34.55$30.0045.9%13.1%170.6%75.3%51.0%17.4%9.1%271.0K-13.6M-35.0K0.2493.81N/AN/A301736,3431,339
2025-12-29$33.32$30.0051.6%14.8%172.0%90.6%52.0%1.4%4.8%276.6K-12.7M-34.6K0.2186.61N/AN/A5861236,5371,377
2025-12-30$33.55$30.0044.4%12.7%171.8%71.4%51.4%5.7%9.4%284.1K-13.3M-35.4K0.0377.13N/AN/A530186,7221,479
2025-12-31$34.22$30.0053.2%15.3%28.1%95.0%51.6%5.4%7.3%301.8K-14.1M-37.1K0.0396.09N/AN/A1,354357,1081,493