While gold prices have soared to peaks above $3,000 an ounce, options traders are showing little of the exuberance seen last year in tech stocks or other high-flying commodities like coffee and cocoa.
Spot gold has jumped 18% so far in 2025 amid concerns that US President Donald Trump’s tariffs will stoke trade wars with Canada, Mexico, Europe and other global trading partners. The metal’s gain comes as other assets have lost value, with the US equities benchmark S&P 500 Index falling 5.1% and Brent crude slipping 1.4%.
Still, the three-month call skew on the SPDR Gold Shares ETF, know ...
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