Gold Physical Market Brief: September 2, 2026

Executive summary

Physical delivery activity for Gold on the COMEX has slowed significantly after a strong start to the September contract period. Today saw just 35 new delivery intentions, a sharp drop from the several hundred seen in the prior two sessions. This brings the month-to-date total for the September contract to 2,511. As of the latest CFTC report, Managed Money holds a substantial net long position, a stance that was consistent with the heavy physical offtake seen during the recently expired August contract and the initial demand for September.

Delivery intentions (today + MTD context)

• Today's Activity: For September 2, a total of 35 contracts were issued for delivery against the September 2026 GC contract. An equal number of contracts were stopped (taken for delivery).
• Recent Trend: This represents a significant slowdown from the previous two sessions, which saw 429 and 295 contracts issued on September 1 and August 31, respectively.
• Month-to-Date (MTD): The total delivery volume for the active September contract now stands at 2,511 contracts. This follows a very active August contract, which saw over 20,000 contracts delivered.

Warehouse stocks

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

COT cross-check

The latest CFTC Commitments of Traders data (as of August 28, 2026) shows a strong bullish tilt from speculative traders, which aligns with recent physical market strength. - Managed Money: Funds held a large net long position of 144,747 contracts (159,819 long vs. 15,072 short). - Producer/Merchant (Commercials): Commercial participants held a net short position of -34,558 contracts. - Positioning vs. Physical: The significant net long speculative positioning is consistent with the robust demand for physical delivery seen through the August contract expiry and the start of the September delivery period.

Risks and watchpoints

• Pace of September Deliveries: The key watchpoint is whether the current slowdown in delivery intentions persists. After a strong start, the sharp drop to just 35 contracts today bears monitoring to gauge physical demand as the delivery month progresses.
• Speculative Positioning: The large net long position held by Managed Money makes the market susceptible to shifts in sentiment. Any significant long liquidation could pressure prices and potentially alter physical delivery dynamics.