Gold Physical Market Brief: September 10, 2026

Executive summary

Physical delivery activity for the September Gold futures contract (GC) continues at a modest pace, with a total of 2,728 contracts delivered month-to-date. Today's activity was light, with just 8 new contracts issued. This level of physical settlement appears subdued when contrasted with the latest CFTC data, which shows a significant net long position held by Managed Money. This potential divergence between strong speculative sentiment and moderate physical offtake is a key watchpoint.

Delivery intentions (today + MTD context)

For the September 2026 GC contract, today's report shows minimal new delivery activity. - Today's Intentions: 8 contracts were issued and stopped for delivery. - Month-to-Date (MTD): The total for the September contract now stands at 2,728 contracts. - Recent Trend: Daily delivery volume has been relatively low this week, with 3 contracts on September 9th and 162 on September 8th. This is a considerably slower pace than the initial surge seen at the start of the month (429 contracts on September 1st). The current MTD total is significantly lower than the volumes seen in the prior active August contract, which had cleared over 20,000 contracts by its expiry.

For more details, see the warehouse and delivery data stream.

Warehouse stocks

CME/COMEX does not publish daily warehouse stock levels for Gold. Therefore, analysis of stockpile changes is not possible from this data feed.

COT cross-check

The latest Commitment of Traders data (as of September 4, 2026) provides a useful cross-check against the physical market flows. - Managed Money: Speculative funds hold a strong bullish stance, with a net long position of 136,771 contracts (149,721 long vs. 12,950 short). - Commercials: Producers and Merchants hold a net short position of -31,289 contracts, which is their typical hedging posture. - Divergence: The significant net long positioning among speculators suggests a strong belief in higher prices. However, this bullishness is not currently reflected in aggressive physical delivery demand for the front-month contract, where volumes remain moderate.

Risks and watchpoints

• Speculative vs. Physical Flow: The primary watchpoint is the divergence between strong paper market optimism (large Managed Money net long) and the more measured pace of physical settlement on COMEX. A continuation of modest delivery volumes could suggest that the recent price action is more sentiment-driven than physically-driven.
• Delivery Pace: Monitor if the daily delivery notices for the September contract accelerate as it nears expiry. A sudden increase in volume could signal tightening physical supply or urgent demand.
• Open Interest: Total open interest stands at 415,196 contracts. Watching how this figure changes, particularly as positions roll to the next active contract (December), will be key to understanding market positioning.