Gold Physical Market Brief: July 31, 2026

Executive summary

Physical delivery activity for Gold was quiet today, with zero new contracts issued or stopped for the active AUGUST 2026 contract. However, the month-to-date (MTD) delivery total remains robust at 13,964 contracts, indicating sustained demand for physical settlement this month. Speculative positioning appears aligned with this physical strength, as Managed Money holds a significant net long position. The primary watchpoint is whether the pace of physical deliveries continues through the August cycle.

Delivery intentions (today + MTD context)

• Today's Activity: There were no new delivery intentions for the AUGUST 2026 Gold contract on July 31, with 0 contracts issued and 0 stopped.
• Month-to-Date (MTD): The cumulative total of contracts delivered or intended for delivery this month now stands at 13,964.
• Trend Context: This MTD figure has increased from 12,932 reported yesterday (July 30). The delivery process for the July contract concluded earlier in the week (e.g., 248 contracts on July 28), and focus has now fully shifted to the August contract. The current MTD total reflects a strong start to the new delivery month.

Warehouse stocks

CME does not publish daily warehouse stock levels for COMEX Gold in this data feed.

COT cross-check

The latest positioning data shows a strong bullish stance from speculators, which aligns with the robust physical delivery volumes. - Managed Money: This cohort holds a significant net long position of +119,795 contracts (135,093 long vs. 15,298 short). - Commercials (Producers/Merchants): As is typical, commercials hold a net short hedging position of -20,549 contracts (15,367 long vs. 35,916 short). - Interpretation: The strong speculative net long position is consistent with the high demand for physical delivery seen in the MTD total of 13,964 contracts. There is currently no major divergence between paper positioning and physical market activity.

Risks and watchpoints

• Pace of August Deliveries: The key watchpoint is whether the high volume of deliveries continues through the August contract cycle. A slowdown could signal weakening physical demand despite strong paper positioning.
• Data Gaps: The absence of daily warehouse stock data for COMEX Gold remains a limitation, making it difficult to assess the inventory available to meet delivery demand.
• Positioning vs. Physical: While currently aligned, any future divergence where speculative length builds without a corresponding increase in physical offtake could signal froth in the paper market.