GOLD Options History — January 2026

In January 2026, GOLD traded between $34.64 and $53.61. ATM implied volatility averaged 63.6%, placing in the 91.3% IV rank vs the trailing year. The 30-day expected move averaged 19.2%. IV traded above realized volatility by 17.4% (HV 20d: 46.3%). Max pain ranged from $30.00 to $45.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 2 of 20 days. Put/call ratio averaged 0.17.

Notable Days

  • 2026-01-27: Highest Volume — 4,579 contracts
  • 2026-01-12: Largest IV spike — 45.9% change
  • 2026-01-06: Highest IV Rank — 100.0%
  • 2026-01-29: Largest Expected Move — 24.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$42.80$34.64$53.61$34.64$51.83
Max Pain$34.50$30.00$45.00$30.00$45.00
ATM IV63.6%45.9%85.3%49.5%83.4%
Expected Move19.2%14.2%24.5%14.2%23.9%
HV 20d46.3%26.7%71.0%26.7%71.0%
HV 60d105.2%103.6%107.8%105.6%107.8%
IV Rank91.3%56.5%100.0%85.1%97.2%
IV Percentile98.2%90.5%100.0%96.8%99.2%
Term Structure-7.3%-19.1%9.3%9.3%-13.9%
VWIV66.6%50.0%85.7%50.0%85.7%
Skew 25d-1.2%-8.4%20.2%-3.6%-4.9%
Skew 10d-3.4%-28.3%13.3%-7.0%-28.3%
Call IV 25d66.5%51.0%88.8%52.7%88.8%
Put IV 25d65.3%49.1%83.9%49.1%83.9%
Bid-Ask Spread %64.3947.0381.7081.0254.90
Gamma HHI0.290.190.450.310.19
Net GEX351.3K277.6K478.4K293.4K394.8K
Net DEX-24.4M-39.8M-14.3M-14.3M-36.9M
Net VEX-45.0K-77.4K-34.5K-38.0K-77.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.170.010.580.230.58
Total Volume1,402.152684,5794001,419
Total OI9,978.58,47313,6008,60613,600

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-01-02$34.64$30.0049.5%14.2%26.7%85.1%50.0%-3.6%9.3%293.4K-14.3M-38.0K0.2381.02N/AN/A326747,0881,518
2026-01-05$36.27$30.0049.0%17.3%28.8%83.7%61.6%0.2%-7.3%316.8K-17.0M-35.4K0.1167.68N/AN/A1,5651777,1551,537
2026-01-06$37.91$30.0055.6%18.5%31.4%100.0%60.2%-2.7%1.1%344.4K-18.7M-36.1K0.0563.11N/AN/A1,498777,3781,587
2026-01-07$37.86$30.0051.5%17.1%29.2%89.2%59.3%-8.4%-4.8%329.3K-16.9M-34.5K0.0381.70N/AN/A1,027346,8821,591
2026-01-08$37.91$30.0051.5%17.2%28.2%89.2%60.5%-0.4%-3.7%354.3K-16.9M-36.8K0.1574.48N/AN/A233357,2111,602
2026-01-09$39.31$30.0046.3%17.7%29.2%75.3%59.7%-0.5%-8.6%365.7K-19.1M-36.3K0.1670.75N/AN/A1,3162167,2431,603
2026-01-12$42.75$30.0067.5%19.4%38.7%100.0%61.2%9.6%-2.6%351.1K-25.4M-36.2K0.1072.31N/AN/A2,1132187,6471,629
2026-01-13$42.02$35.0045.9%17.7%40.5%56.5%58.1%0.4%-8.7%413.1K-24.7M-37.5K0.1765.53N/AN/A1,0351758,2981,770
2026-01-14$39.53$35.0060.9%17.4%48.2%86.7%60.8%-0.7%-6.9%380.4K-20.6M-38.5K0.1969.24N/AN/A7321428,5171,828
2026-01-15$40.06$35.0064.3%18.4%48.2%93.5%64.8%-5.1%-5.6%478.4K-20.9M-38.2K0.0864.26N/AN/A334278,6451,920
2026-01-16$41.73$35.0061.0%17.5%49.3%86.9%61.4%-2.9%-5.8%277.6K-23.6M-39.9K0.0672.35N/AN/A824478,6751,939
2026-01-20$42.23$35.0063.4%18.2%49.3%91.8%64.8%-6.4%-8.4%289.5K-21.5M-39.1K0.1262.74N/AN/A526657,2581,583
2026-01-21$42.66$35.0064.1%18.4%49.3%93.1%64.3%-2.5%-3.0%312.2K-22.2M-37.0K0.2850.48N/AN/A3671027,4031,620
2026-01-22$43.80$35.0067.8%19.4%49.5%100.0%68.9%-1.1%-5.2%299.9K-23.8M-41.1K0.0154.89N/AN/A2,567297,5511,660
2026-01-23$43.42$35.0067.0%19.2%49.9%98.4%68.8%-1.1%-10.1%349.8K-24.7M-51.5K0.0658.25N/AN/A676428,4921,675
2026-01-26$43.94$35.0073.3%21.0%49.9%100.0%76.0%-7.0%-12.0%366.7K-25.4M-52.0K0.0850.59N/AN/A992788,7721,680
2026-01-27$51.39$35.0082.1%23.5%71.0%100.0%80.0%1.0%-19.1%331.2K-36.1M-53.2K0.0960.90N/AN/A4,1993808,8521,718
2026-01-28$53.61$40.0083.5%23.9%68.2%100.0%81.2%20.2%-18.6%381.7K-39.0M-68.2K0.2965.58N/AN/A2,3306709,5981,948
2026-01-29$53.13$45.0085.3%24.5%68.9%100.0%85.2%-6.9%-12.3%394.8K-39.8M-72.4K0.4947.03N/AN/A92445210,3952,502
2026-01-30$51.83$45.0083.4%23.9%71.0%97.2%85.7%-4.9%-13.9%394.8K-36.9M-77.4K0.5854.90N/AN/A89752210,7302,870