Gold Bulls Roar Back with Nearly $180 Million in Bullish Bets

The gold market has seen a significant surge in bullish bets as investors bet on a rebound. Despite gold prices having fallen by around a quarter from their historic highs earlier this year, gold bulls have not retreated. The options market data shows that investors are betting on a gold rebound with a force not seen in months.

According to market data tracker SpotGamma, on Friday, bullish call option buying in the SPDR Gold Trust ETF (GLD) approached $100 million, while put option buying totaled only about $25 million. Meanwhile, call option buying in the VanEck Gold Miners ETF (GDX), which tracks gold mining stocks, exceeded $80 million, compared to just over $9 million in put option purchases.

This means that in these two major gold-related ETF options markets alone, bullish bets surged to nearly $180 million in a single day. The spike in options volume further confirms the sharp shift in market sentiment.