Gold Physical Market Brief: September 14, 2026

Executive summary

Physical delivery activity for the September Gold (GC) contract remains modest, consistent with its status as a non-active delivery month. Today saw 70 new delivery intentions, bringing the month-to-date total to 2,870 contracts. This is significantly lower than the volume seen during the August delivery cycle, which exceeded 20,000 contracts. Meanwhile, the latest CFTC data shows that managed money holds a heavily net-long position, suggesting strong bullish sentiment in the paper market that is not currently being expressed through high demand for immediate physical delivery in this contract cycle.

Delivery intentions (today + MTD context)

• Today's Activity: For the SEPTEMBER 2026 contract, 70 new delivery notices were issued and stopped, indicating a matched exchange of physical metal for futures positions.
• Month-to-Date (MTD): Total deliveries for the September contract now stand at 2,870 contracts.
• Recent Trend: Daily delivery volume has been variable, with recent days showing 72 contracts (Sept 11), 8 contracts (Sept 10), and 162 contracts (Sept 8). The current volume is in line with expectations for a minor delivery month and stands in contrast to the much larger volumes seen in the active August contract, which saw a final MTD total of over 20,343 contracts.

Warehouse stocks

CME Group does not publish COMEX-level warehouse stock details for Gold in this data format.

COT cross-check

The latest Commitments of Traders (COT) data as of September 11 shows a significant divergence between speculative positioning and immediate physical offtake for the current contract. - Managed Money: Speculators are overwhelmingly bullish, with a net long position of 134,972 contracts (145,804 long vs. 10,832 short). - Commercials: Producers and merchants hold a significant net short position of -30,961 contracts (16,588 long vs. 47,549 short), which is a typical hedging posture. - Positioning vs. Physical: The strong net-long speculative position contrasts with the relatively light physical delivery volume of 2,870 contracts for the September contract. This suggests that current bullish sentiment is concentrated in the paper market, rather than a surge in demand for immediate physical settlement.

Risks and watchpoints

• Positioning Divergence: The primary watchpoint is the large net-long position held by speculators against the backdrop of modest physical delivery demand for the current contract. A shift in market sentiment could lead to a rapid unwinding of these paper positions.
• Contract Roll: As the September delivery period continues, market focus will increasingly shift to the next active delivery month (December). Traders should monitor the roll activity and shifts in open interest between contract months.
• Open Interest Context: The 2,870 contracts stood for delivery represent a very small fraction of the total open interest of 411,227 contracts, underscoring that the vast majority of positions are financially settled or rolled forward.