Gold Physical Market Brief: July 13, 2026

Executive summary

Physical delivery demand for the July Gold contract remains robust and appears to be accelerating mid-month. Today saw 478 delivery notices issued, bringing the month-to-date total to a significant 10,253 contracts. This strong physical offtake is consistent with the heavily net-long positioning held by Managed Money as of the latest CFTC report, suggesting that bullish speculative sentiment is currently supported by tangible demand for metal.

Delivery intentions (today + MTD context)

Demand for physical delivery in the active July 2026 contract showed a marked increase in today's session. * Today's Activity: A total of 478 contracts were issued and stopped for delivery on July 15. * Month-to-Date (MTD): This brings the cumulative delivery total for the July contract to 10,253 contracts. * Recent Trend: Today's volume is a significant step up from the 221 notices filed on July 10 and the 7 notices on July 9, indicating a recent acceleration in the pace of delivery activity.

Warehouse stocks

CME does not publish detailed daily warehouse stock levels for COMEX Gold in this data feed. Analysis must therefore rely on delivery flow and other available market data.

COT cross-check

A cross-check with the latest Commitments of Traders (COT) report (for the week ending July 10, 2026) shows speculative and commercial positioning leading into this period of strong delivery. * Managed Money: Speculators held a significant net-long position of 116,161 contracts (134,941 long vs. 18,780 short). * Producer/Merchant: Commercials held a corresponding net-short position of -20,986 contracts, typical of hedging activity. * Positioning vs. Physical: The strong physical demand, evidenced by over 10,000 contracts standing for delivery, aligns with the bullish net-long positioning from the speculative community. There is no significant divergence apparent at this time; physical offtake is supporting the paper market's bullish stance.

Risks and watchpoints

• Pace of Delivery: Continued high-volume delivery notices through the remainder of the delivery period would reinforce the signal of strong underlying physical demand. A sudden drop-off would be noteworthy.
• Next COT Report: The next CFTC report will be critical to see if speculators maintained or increased their bullish bets in the face of strong physical settlement activity.
• Open Interest: With total open interest at 371,776 contracts, the current delivery volume represents a meaningful portion of market activity, underscoring the importance of monitoring these physical flows.