Gold Physical Market Brief: September 1, 2026

Executive summary

Physical delivery intentions for the September Gold contract are accelerating as the new delivery month gets underway. A total of 429 contracts were issued for delivery today, bringing the month-to-date total to 2,476. This early physical demand aligns with the latest CFTC data, which shows speculative funds (Managed Money) holding a significant net-long position. There is currently no notable divergence between physical offtake and paper market positioning.

Delivery intentions (today + MTD context)

• Today's Activity: A total of 429 contracts were issued and stopped against the SEPTEMBER 2026 COMEX 100 Gold Futures contract. This represents a notable increase from the 295 contracts issued on the previous day.
• Month-to-Date (MTD): The delivery cycle for the September contract is off to a strong start, with a cumulative 2,476 contracts already tendered for physical settlement in the first two sessions of the month.
• Context: The ramp-up in delivery activity is typical for the start of an active delivery month. The pace will be watched closely to see if it can match the volume of the preceding August contract, which saw over 20,000 contracts delivered.

Warehouse stocks

CME Group does not publish daily warehouse stock levels for COMEX Gold futures. Analysis must rely on delivery intentions data.

COT cross-check

• Speculative Positioning: The latest Commitment of Traders report, with data as of August 28, shows Managed Money holding a strong net-long position of 144,747 contracts (159,819 long vs. 15,072 short).
• Physical vs. Paper: The bullish speculative positioning is currently consistent with the strong start to the physical delivery month. The demand to take physical delivery of 2,476 contracts MTD aligns with the positive sentiment seen in the paper market.
• Commercials: As is typical, Producer/Merchant accounts hold a net-short position, reflecting hedging activity.

Risks and watchpoints

• Pace of Delivery: The key watchpoint is whether the daily delivery volume for the September contract continues to accelerate. A sustained high pace would confirm strong physical demand, while a drop-off could suggest initial demand has been satisfied.
• Speculative Positioning vs. Price: A continuation of strong physical delivery without a corresponding increase in price could indicate that supply is readily available. Any significant reduction in the large net-long speculative position in subsequent COT reports would be a key signal of a potential shift in sentiment.