Gold Physical Market Brief: August 4, 2026

Executive summary

Physical delivery activity for the August Gold futures contract (GC) remains robust, though today's volume saw a slight moderation. A total of 141 new delivery notices were issued, bringing the month-to-date total to a significant 14,295 contracts. This sustained demand for physical settlement aligns with the latest Commitments of Traders (COT) data, which shows managed money holding a substantial net long position, indicating that both speculative and physical market participants are positioned for higher prices.

Delivery intentions (today + MTD context)

On August 4th, COMEX recorded 141 delivery intentions issued and stopped for the AUGUST 2026 COMEX 100 GOLD FUTURES contract.

• Today's activity: 141 contracts issued/stopped.
• Prior day: This is a decrease from the 190 contracts reported on August 3rd.
• Month-to-date (MTD): The total for the August delivery cycle now stands at 14,295 contracts, signaling very strong demand for physical metal this month.

Warehouse stocks

CME Group does not publish consolidated, daily warehouse stock levels for COMEX Gold in this data feed. Tracking relies on registered stocks at individual depositories, which are not included here.

COT cross-check

The latest CFTC Commitments of Traders data, as of July 31st, provides a useful cross-check against the physical market's strength.

• Managed Money: Speculators hold a significant net long position, with 135,093 long contracts versus only 15,298 short contracts.
• Commercials (Producers/Merchants): This group holds a net short position (15,367 longs vs. 35,916 shorts), which is typical as producers hedge their future output.
• Positioning vs. Physical Flow: The strong net long speculative stance is consistent with the high volume of delivery demand seen in the physical market. There is currently no major divergence between speculative sentiment and physical offtake.

Risks and watchpoints

• Pace of Deliveries: While today's volume moderated slightly, continued issuance of delivery notices through the remainder of the August cycle will be a key indicator of immediate physical demand.
• Open Interest: As the delivery month progresses, attention will shift to the roll of open interest into subsequent contract months. A healthy roll would suggest continued interest, while a significant drop could signal a near-term peak in buying pressure.
• Speculative Positioning: A sharp reduction in the Managed Money net long position in future COT reports would be a primary watchpoint. If speculative length unwinds while physical deliveries remain strong, it could create interesting market tension.