Gold and Oil both rose last week, but the market perceptions of each market are very different. Oil volatility rose last week while gold volatility managed to drop. First OVX was up a little over 5% as risk perceptions continue to elevate.
Gold began moving higher two weeks ago and followed through nicely over the past week. The idea that a support level may have been put in recently may be resulting in lower GLD option volatility. GVZ reflects this as it dropped over 9% last week.
Despite OVX and GVZ moving in opposite directions, the curves both remain in backwardation which is just about always associated with increased uncertainty regarding the next market move. In the case of commodity markets, this is non-directional volatility outlook.