Let the terms of the geometric progression be \( a, ar, ar^2, ar^3, ar^4 \), where:
- \( a \) is the first term,
- \( r \) is the common ratio.
The product of the first five terms is given by:
\[
a \times ar \times ar^2 \times ar^3 \times ar^4 = a^5 r^{10}
\]
We are told that the product of the first five terms is 32, so:
\[
a^5 r^{10} = 32
\]
Taking the fifth root of both sides:
\[
a r^2 = 2
\]
The 3rd term is \( ar^2 \), which is
2.
Thus, the correct answer is \( 8 \).