Gold ETF volatility spikes as gold price plunges

April 15 Mon Apr 15, 2013 3:41pm EDT

April 15 (Reuters) - The CBOE Gold ETF Volatility Index, often referred to as the "Gold VIX," surged on Monday, gaining more than 60 percent as gold prices slumped to a two-year low below $1,400 per ounce.

The index is a measurement of the market's expectation of how volatile the popular SPDR Gold Shares exchange-traded fund will be in the next 30 days. The GLD is the most popular gold ETF, and on Monday traded more than 80 million shares, its busiest day in history.