Gold Physical Market Brief: August 5, 2026

Executive summary

Physical delivery activity for the August Gold contract (GC) has slowed to a trickle, with just 5 new contracts issued for delivery. However, the month-to-date total remains substantial at 14,300 contracts, indicating that significant physical settlement occurred earlier in the delivery period. This robust physical demand is consistent with the strong net-long positioning held by Managed Money as of the latest COT report, suggesting an alignment between paper market sentiment and physical offtake.

Delivery intentions (today + MTD context)

COMEX reported 5 contracts issued and 5 contracts stopped for the August 2026 contract on August 5th. This is a sharp drop from the 141 contracts on August 4th and 190 on August 3rd, suggesting the delivery cycle for the front-month contract is winding down.

• Today's Activity: 5 contracts issued/stopped.
• Month-to-Date (MTD) Total: 14,300 contracts for the August delivery month.
• Context: The MTD figure is robust, reflecting strong demand for physical delivery earlier in the month. The recent decline in daily volumes is typical as a contract's delivery period progresses.

Warehouse stocks

CME does not publish disaggregated, licensed warehouse stock levels for COMEX Gold futures.

COT cross-check

The latest CFTC Commitments of Traders (COT) data, with a reporting date of July 31st, shows a significant bullish tilt among speculators, which aligns with the strong physical delivery volume seen for the August contract.

• Managed Money Net Position: +119,795 contracts (135,093 long vs. 15,298 short).
• Physical Divergence Check: There is currently no significant divergence. The strong net-long speculative position is consistent with the high month-to-date physical delivery total of 14,300 contracts, indicating that bullish paper positioning has been backed by physical offtake.

Risks and watchpoints

• Slowing Daily Deliveries: The sharp drop-off in daily delivery notices to just 5 contracts indicates the bulk of the August delivery process may be complete. This is a key data stream to watch for signs of last-minute physical demand.
• Robust MTD Volume: The cumulative 14,300 contracts taken for delivery this month is a sign of strong underlying physical demand. This could provide a supportive floor for prices, even if speculative sentiment were to weaken.
• Speculative Length: The large net-long position held by Managed Money poses a risk. A rapid unwinding of these positions could lead to price volatility, regardless of the strong physical backdrop. The alignment between physical and paper markets will be critical to monitor in upcoming reports.