Binance Launches Gold and Silver Options, While Gold Closed Above $4,100
Binance, the world's largest crypto exchange, has rolled out USDT-settled silver and gold options, while spot gold has closed above $4,100 per ounce on July 30th.
Binance has introduced precious metals options to its expanding lineup of traditional finance products, allowing traders to access precious metal derivatives with the same ease as crypto options.
These contracts are the latest addition to Binance's growing product suite, giving account holders a fresh way to express directional views, to trade intraday volatility, and hedge existing positions from just a single platform.
All trading and settlement is conducted with Tether (USDT), meaning there is no underlying physical asset to custody. The new options will follow regular precious metals trading hours, running from Sunday 6:00 PM to Friday 5:00 PM Eastern Time, with a daily one-hour closure between 5:00 PM and 6:00 PM ET.
Binance previously already had gold-based offerings, such as futures trading that involve the likes of PAXG and XAUT (gold-backed crypto tokens). With these options, it looks like Binance wants to keep expanding its coverage to traditional finance.
In the meantime, spot gold itself had a good intraday trading session today, with its price closed above $4,100 per ounce after today (July 30th) trading session.
It's yet to be seen if the current momentum for the bullion can be extended to the next few weeks, especially when there's still no certainty in the U.S.-Iranian conflict in the Middle East.
Related assets: Gold, Silver, Palladium, Platinum