GVZ
Gold volatility — implied vol on gold futures
Latest value
26.4300
as of 2026-05-01
All-time percentile
94th
1-year change
+22.9%
Time series
Showing 629 of 1,257 data points
About this series
CBOE Gold Volatility Index. Implied volatility derived from options on the SPDR Gold Trust (GLD). Daily updates.
Why it matters: Gold is traditionally a safe haven and inflation hedge, so its implied vol tells you about stress in those regimes. Rising GVZ during a gold rally indicates the market sees the move as uncertain rather than trending calmly — often accompanies macro stress events rather than steady "store of value" demand.
How to read it: Typical range 12-25. Spikes above 30 are significant (crisis or policy inflection points). Low GVZ during a steady gold uptrend is the "calm accumulation" pattern; high GVZ during a rally is the "panic flight" pattern.
Caveats: Lower trading volume than VIX/OVX, so the signal can be noisier. Only goes back to 2009.