21 August 2026 | 2:32PM BST Commodities Research Precious Comment: Gold: Renewed Elevated Call Option Demand Raises Volatility and Upside Price Risk 1 Our end-2026 gold price forecast assumes open interest of calls net of puts on GLD — the largest gold ETF — at ~1.3 millon contracts (vs. ~2.5 million contracts currently). 2 We define a sharper-than-usual potential correction as larger than our usual rule of thumb of a 2% price decline for each 100 tonnes of net selling implies. Investors should consider thi ...