Gold Physical Market Brief: 2026-07-14

Executive summary

Physical delivery activity for the July Gold contract paused today after a steady flow in recent sessions. The month-to-date delivery total now stands at a significant 11,300 contracts. Cross-referencing with CFTC data as of July 10th reveals a strong net long position among Managed Money, which aligns with the robust demand for physical settlement seen this month, suggesting no immediate divergence between paper and physical markets.

Delivery intentions (today + MTD context)

• Today's Activity: There were zero new delivery intentions issued or stopped for the JULY 2026 COMEX 100 Gold Futures contract on July 14th.
• Month-to-Date (MTD): The cumulative total for the July delivery month now stands at 11,300 contracts.
• Recent Trend: Today's pause follows several active sessions. For context, 478 contracts were issued on July 13th, and 221 were issued on July 10th. The current total of 11,300 contracts represents a substantial volume for physical settlement.

Warehouse stocks

CME Group does not publish daily public reports on individual warehouse stock levels for COMEX Gold.

COT cross-check

As of the latest CFTC report dated July 10, 2026: - Managed Money: Speculative funds held a strong net long position of +116,161 contracts (134,941 long vs. 18,780 short). - Positioning vs. Physical: This significant net long speculative stance is directionally consistent with the strong physical delivery demand observed, where 11,300 contracts have been taken to delivery month-to-date. There is no apparent divergence; both speculative positioning and physical settlement data indicate bullish interest.

Risks and watchpoints

• Delivery Pause: The key watchpoint is whether today's halt in new delivery notices is a temporary pause or signals the winding down of the July delivery cycle. Continued issuance would indicate sustained physical demand.
• Open Interest: With total open interest at 371,776 contracts as of July 10th, the 11,300 contracts settled physically represent a material portion of the market, reinforcing the importance of tracking delivery trends.
• Speculative Positioning: Monitoring the next COT report will be crucial to see if the strong managed money net long position is maintained, reduced, or extended, which could influence near-term price action and physical market premiums.