Gold Warehouse & Delivery Reports

Track daily COMEX/NYMEX delivery intentions and warehouse stocks for Gold, with analysis of physical vs paper market tension.

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Latest report October 2, 2026

Gold Warehouse & Delivery — October 2, 2026

Gold Physical Market Brief – October 2, 2026

Executive summary

  • Delivery surge on October 2: A total of 1,021 contracts were issued and stopped for delivery on October 6, 2026, bringing month-to-date (MTD) aggregate deliveries to 11,626 contracts.
  • Micro contract dominance: The delivery volume was led by the October 2026 Micro Gold Futures contract (860 contracts), with the standard October 2026 COMEX 100 Gold Futures (GC) contract contributing 161 notices.
  • Price level: October contracts settled at $4,133.70 USD, continuing a gradual retreat from late-August peaks above $4,640.00 USD.
  • Positioning alignment: Managed money speculative positioning remains heavily net long (+120,318 contracts), consistent with steady early-month physical uptake in the October cycle.

Delivery intentions (today + MTD context)

Current Session (October 2, 2026)

  • Total Daily Issued / Stopped: 1,021 contracts (Delivery Date: October 6, 2026)
  • October 2026 COMEX 100 Gold Futures (GC):
    • Daily Issued / Stopped: 161 contracts
    • Settlement Price: $4,133.70 USD
    • Month-to-Date Total: 11,626 contracts
  • October 2026 Micro Gold Futures:
    • Daily Issued / Stopped: 860 contracts
    • Settlement Price: $4,133.70 USD
    • Month-to-Date Total: 990 contracts

Trend and Historical Context

  • Acceleration from previous session: Delivery activity expanded substantially from October 1, 2026, when 290 total contracts were issued/stopped (160 COMEX 100 contracts and 130 Micro contracts at a settlement of $4,172.90 USD).
  • Delivery cycle transition: Following a quiet transition window on September 29–30 (0 daily notices), delivery volume shifted into the active October cycle.
  • Prior contract month comparisons:
    • The September 2026 delivery cycle concluded with a total of 4,183 COMEX 100 contracts delivered, having settled between $4,263.00 and $4,491.70 USD during peak delivery days.
    • The August 2026 major delivery cycle saw heavy physical absorption, totaling 20,343 COMEX 100 contracts and 4,614 Micro contracts, with settlements reaching as high as $4,640.80 USD.

Warehouse stocks

  • COMEX warehouse stock data is not published in this feed (warehouse_stocks: null). Depository inventory levels (Registered and Eligible stocks) are not available for this reporting date.

COT cross-check

  • Reporting Date: October 2, 2026
  • Total Open Interest: 406,456 contracts
  • Managed Money: 131,711 long vs. 11,393 short (Net Long: +120,318 contracts)
  • Producer / Merchant: 18,200 long vs. 39,463 short (Net Short: -21,263 contracts)

Positioning vs. Physical Dynamics: Speculative market participants maintain a heavily tilted long posture (managed money long/short ratio of roughly 11.6:1). Despite settlement prices pulling back to $4,133.70 USD from August/September levels, the substantial delivery volume (1,021 notices today) indicates continued physical settlement demand, showing no immediate divergence between large spec positioning and physical clearing into the October contract.

Risks and watchpoints

  • Micro vs. Standard Delivery Composition: With 860 of today’s 1,021 notices originating in Micro Gold, monitor whether standard 100 oz (GC) delivery intentions accelerate over coming sessions or if retail/smaller participant clearing remains the primary driver.
  • Speculative Long Overhang: Managed money net length stands at 120,318 contracts against total open interest of 406,456. Continued price softness below $4,130.00 USD could trigger speculative long liquidation.
  • Commercial Hedging Pressure: Producer/merchant participants hold a net short position of 21,263 contracts (39,463 gross shorts), reflecting steady producer hedge coverage at current price levels.

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