Gold Physical Market Brief: 2026-08-13

Executive summary

Physical delivery intentions for the August Gold (GC) contract saw a significant uptick, with 856 new notices issued. This brings the month-to-date total to a robust 17,536 contracts, indicating persistent demand for physical settlement. This strong physical offtake aligns with the heavily net-long positioning reported for Managed Money in the latest CFTC data, suggesting that bullish sentiment in the paper market is currently supported by physical market activity.

Delivery intentions (today + MTD context)

• Today's Activity: A total of 856 contracts were issued and stopped for the August 2026 COMEX 100 Gold Futures contract. This is a notable increase from the relatively quiet activity seen over the past week (e.g., 0 on Aug 6, 5 on Aug 5).
• Month-to-Date (MTD): The cumulative delivery total for the August contract now stands at 17,536 contracts.
• Micro Contract: The August 2026 Micro Gold Futures contract saw no new delivery intentions today, with its MTD total remaining at 3,520 contracts.

Warehouse stocks

CME does not publish consolidated, daily warehouse stock levels for COMEX Gold.

COT cross-check

• The latest Commitments of Traders (COT) data from 2026-08-07 shows a strong bullish tilt from speculators.
• Managed Money held a net long position of 130,766 contracts (139,809 long vs. 9,043 short).
• Commercials (Producers/Merchants) held their typical net short hedging position of -18,856 contracts.
• The strong speculative net long position is directionally consistent with the high volume of delivery intentions, suggesting that demand for physical metal is currently underpinning the bullish sentiment in the futures market.

Risks and watchpoints

• Pace of Delivery: The key watchpoint is whether the strong pace of deliveries for the August contract persists. Continued high volume would signal tight physical supply and strong demand.
• Positioning vs. Physical: While currently aligned, any divergence between speculative positioning and physical delivery trends should be monitored. A sharp decrease in the Managed Money net long position without a corresponding drop in delivery demand could indicate a shift in market dynamics.
• Open Interest: The total open interest of 371,551 contracts as of August 7th provides a baseline. A significant change could signal new capital entering or exiting the market.