Options investors are increasingly paying for gold upside rather than downside cover, according to Susquehanna, with one-month implied volatility on the metal sitting near recent lows.
This marks a major turn from the summer, when put protection carried a richer price
Gold Erased Its 2026 Gains Before July Turned Green Gold closed March, April, May, and June in the red. The metal shed more than 25% over that stretch, wiping out its gains for the year. US strikes on Iran lifted oil prices and stoked inflation worries.
This pushed Federal Reserve rate hike bets higher, and higher real yields hurt an asset that pays no yield. July then broke the streak with a gain of roughly 2%. Gold ETFs added $3 billion that month, ending two months of outflows.