Gold Physical Market Brief: August 19, 2026

Executive summary

Physical delivery activity for the August GC contract remains robust, with a steady stream of notices continuing late into the delivery month. The month-to-date total now exceeds 18,000 contracts, signaling persistent demand for physical settlement. This strong physical offtake is consistent with the heavily net-long positioning reported by Managed Money in the most recent COT report, indicating an alignment between speculative sentiment and physical market behavior.

Delivery intentions (today + MTD context)

For August 19, 2026, COMEX reported 190 delivery intentions issued and stopped for the August 2026 Gold Futures contract.

• Today's Activity: 190 contracts were posted, a slight increase from the 184 contracts on the prior day (August 18).
• Month-to-Date (MTD): This brings the cumulative delivery total for the August contract to 18,128 contracts.
• Trend: The delivery process for the active August contract has shown consistent activity throughout the month, with daily notices continuing to be filed well past the first notice day. This reflects a sustained demand for taking physical delivery against futures positions.

Warehouse stocks

CME Group does not publish daily COMEX-approved warehouse stock levels for Gold. Stock changes are a key indicator for other metals, but this data is not available for this market.

COT cross-check

This cross-check uses positioning data as of August 14, 2026, to provide context for the more current physical market data.

• Managed Money: Speculators held a significant net long position of +137,662 contracts (148,634 long vs. 10,972 short).
• Commercials: Producers and Merchants held a net short position of -27,935 contracts.
• Analysis: The strong net long positioning from Managed Money is consistent with the high volume of physical deliveries being taken. There is no apparent divergence; both speculative positioning and physical settlement data point towards bullish conviction among market participants who are willing to take the metal.

Risks and watchpoints

• Late-Month Delivery Pace: While still steady, the volume of daily deliveries is a key watchpoint. A significant drop-off could signal that physical demand is satisfied at current price levels.
• Speculative Positioning: The large net long position held by Managed Money could pose a risk. A shift in macroeconomic sentiment could trigger a wave of long liquidation, creating price volatility.
• Roll to Next Active Month: As the August delivery period concludes, market focus will shift to the next active contract. Open interest migration and the initial delivery figures for that contract will be critical for gauging whether this strong physical demand will continue.