The so-called gold VIX has been relatively calm despite the recent drop in gold prices, suggesting fear hasn’t crept into the market in a big way, according to a report Friday.

The CBOE Gold Volatility Index (GVZ) fell 4.7% on Thursday as gold prices firmed following a steep decline. Gold ETFs were poised for a higher open Friday as the metal regained $1,600 an ounce before the opening bell.

The gold volatility index, which is calculated by the Chicago Board Options Exchange, is based on SPDR Gold Shares (NYSEArca: GLD) options.

The index “remains far lower than in August or September, when gold peaked and then tumbled,” Reuters reported.

“Gold implied volatility is relatively low considering where it has been since September when it spiked up as investors were worried about the European debt crisis,” Bill Luby of the VIX and More blog told Reuters.

SPDR Gold Shares is up 9.8% year to date. The ETF gained 2% in preopen trading Friday.

Here are some of the other top stories making the rounds online this morning:

Shameless plugs:

CBOE Gold Volatility Index (GVZ)

Full disclosure: Tom Lydon’s clients own GLD.