Gold Physical Market Brief: 2026-08-21

Executive summary

Physical delivery intentions for the August GC contract continue to taper off as the delivery month progresses, with only 15 new notices filed. However, the month-to-date total remains robust at 18,303 contracts, indicating solid demand for physical settlement throughout the August cycle. This strong physical offtake is consistent with the significant net long positioning held by Managed Money, suggesting speculative and physical sentiment are currently aligned.

Delivery intentions

For the August 2026 COMEX 100 Gold Futures contract, a total of 15 contracts were issued and stopped for delivery on August 25, 2026.

• Today's Activity: 15 contracts issued/stopped.
• Month-to-Date (MTD): The cumulative delivery total for the August contract now stands at 18,303 contracts.
• Trend: Today's volume represents a significant slowdown from prior days (160 on Aug 20, 190 on Aug 19), which is a typical pattern as a delivery month nears its conclusion. Despite the daily decrease, the overall MTD volume remains strong.

For a detailed breakdown, see the warehouse and delivery data stream.

Warehouse stocks

CME Group does not provide a public, daily report of individual warehouse stock levels for COMEX Gold through this data feed.

COT cross-check

The latest positioning data shows a strong bullish tilt from speculators, which aligns with the robust physical delivery seen this month.

• Managed Money: Heavily net long by 141,648 contracts (154,595 long vs 12,947 short).
• Producers/Merchants: Net short by 29,761 contracts (16,883 long vs 46,644 short), a typical hedging posture.

The significant net long speculative position is consistent with the strong month-to-date physical delivery volume of 18,303 contracts. There is no major divergence between speculative positioning and physical market signals at this time.

Risks and watchpoints

• Contract Roll: With the August delivery cycle winding down, the market will shift focus to the next active contract. Watch for how open interest and delivery patterns evolve to gauge if the strong physical demand persists.
• Speculative Length: The large net long position held by Managed Money could become a source of volatility. A shift in macroeconomic sentiment could trigger rapid liquidation, pressuring prices regardless of underlying physical demand.
• End-of-Month Volume: The final MTD delivery total for August will serve as a key benchmark for physical appetite in the current price environment.