Gold Physical Market Brief: 2026-09-09

Executive summary

Physical delivery activity for the September Gold futures contract (GC) has slowed significantly, with only 3 contracts tendered today. The month-to-date total stands at 2,720 contracts, a modest figure as the delivery period winds down. CFTC data shows that as of last week, Managed Money speculators held a very large net long position, suggesting a potential divergence between bullish paper positioning and the current level of demand for physical settlement via the futures market.

Delivery intentions (today + MTD context)

• Today's Activity: For September 9, 2026, a total of 3 contracts were issued and stopped for delivery against the SEPTEMBER 2026 COMEX 100 Gold Futures contract.
• Trend Context: Today's volume represents a sharp drop from the 162 contracts transacted on the prior day (September 8), indicating that delivery activity for the September contract is tapering off as expected.
• Month-to-Date (MTD): The cumulative delivery total for the September contract now stands at 2,720 contracts.

Warehouse stocks

CME Group does not publish consolidated daily warehouse stock reports for COMEX Gold. Information on individual depository stocks must be sourced separately.

COT cross-check

• Positioning Snapshot (as of 2026-09-04):
  • Managed Money: Net long 136,771 contracts (149,721 long vs. 12,950 short).
  • Producer/Merchant: Net short 31,289 contracts (17,444 long vs. 48,733 short).
  • Total Open Interest: 415,196 contracts.

The latest positioning data reveals a significant net long position held by Managed Money, indicating strong bullish sentiment among speculators. This contrasts with the relatively modest physical delivery volume of 2,720 contracts for the current delivery month. While not unusual for a non-major delivery month, it highlights that the strong speculative interest has not translated into exceptional demand for immediate physical settlement on COMEX.

Risks and watchpoints

• Positioning vs. Physical Divergence: The large speculative net long position remains a key watchpoint. A lack of corresponding strength in physical delivery demand could suggest that the paper market is running ahead of immediate physical fundamentals.
• Delivery Taper: The sharp decline in daily delivery notices is typical for this point in the contract cycle. Attention will soon shift to the roll and positioning for the next active delivery month.
• Open Interest: The high level of open interest at 415,196 contracts suggests significant capital is deployed in the market. Any rapid unwinding of the large Managed Money long position could increase price volatility.