Gold Physical Market Brief: August 28, 2026

Executive summary

Physical delivery intentions for Gold were minimal today, totaling just 15 contracts as the August delivery cycle winds down. This activity is a sharp decrease from the large volumes seen earlier in the week. The month-to-date total for the expiring August contract has reached a significant 20,343 contracts. In contrast to the quiet physical market, the latest COT data shows that speculative Managed Money accounts hold a strong net long position, suggesting a potential divergence between bullish financial positioning and current physical offtake.

Delivery intentions (today + MTD context)

• Today's Activity: A total of 15 contracts were issued and stopped for delivery today. This is a significant slowdown from 907 contracts two days ago (August 26) and 960 contracts on August 24.
• Contract Breakdown:
  • The expiring August 2026 COMEX 100 Gold Futures (GC) saw 1 contract issued.
  • The August 2026 Micro Gold Futures saw 14 contracts issued.
• Month-to-Date (MTD) Volume: The total delivery volume for the August contract month has reached 20,343 contracts, indicating substantial physical settlement over the entire delivery period despite the quiet end-of-month activity.
• Forward Month: The September 2026 contract saw no new delivery intentions today; its MTD total stands at 1,752 contracts.

Warehouse stocks

CME Group does not publish daily warehouse stock levels for COMEX Gold futures in this data feed.

COT cross-check

The latest positioning data indicates a strong bullish stance from speculators, which contrasts with the quiet end-of-month physical delivery flow. - Managed Money: This group holds a significant net long position of +144,747 contracts (159,819 long vs. 15,072 short). - Commercials (Producers/Merchants): As expected, this cohort holds a net short position of -34,558 contracts, hedging their physical market exposure. - The heavy net long positioning by speculators suggests a strong belief in higher prices, while the physical delivery process is currently showing minimal demand as the prompt contract expires.

Risks and watchpoints

• Positioning vs. Physical Divergence: The primary watchpoint is the divergence between the large speculative net long position and the muted end-of-month physical delivery demand. A lack of follow-through in physical offtake could challenge the conviction of paper market bulls.
• Contract Roll: With the August contract concluding, market focus will shift entirely to the September contract and beyond. The initiation of delivery for September will provide the next major signal of physical demand strength.
• Low Daily Volume: While MTD volume is robust, the current low daily delivery figures are typical for the end of a contract cycle but should be monitored for any unusual continuation into the next delivery month.