Gold Physical Market Brief — September 22, 2026

Executive summary

Physical delivery activity in COMEX Gold (GC) continues to accelerate into the final third of the delivery cycle. On September 22, 2026, 340 contracts were issued and stopped for the September 2026 contract at a settlement price of $4,338.90/oz, lifting month-to-date (MTD) deliveries to 3,867 contracts (386,700 troy oz). This steady late-cycle delivery demand aligns with deeply bullish speculative positioning, where Managed Money maintains an overwhelmingly net long stance (+133,116 contracts) as of the latest CFTC report.

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Delivery intentions (today + MTD context)

Delivery volume for the active delivery month has expanded consistently over recent sessions, showing solid physical absorption near the $4,330–$4,380 price zone.

• Daily Activity (September 22, 2026):
  • Contracts Issued / Stopped: 340 contracts (340 issued, 340 stopped)
  • Contract: September 2026 COMEX 100 Gold Futures
  • Settlement Price: $4,338.90 USD
  • Delivery Date: September 24, 2026
  • Cumulative MTD Deliveries: 3,867 contracts
• Recent Trend & Trajectory:
  • Daily delivery notices have climbed consecutively from early-September lows:
  • Sep 14: 70 contracts (MTD: 2,870 | Settlement: $4,310.00)
  • Sep 15: 150 contracts (MTD: 3,020 | Settlement: $4,291.60)
  • Sep 16: 204 contracts (MTD: 3,224 | Settlement: $4,346.30)
  • Sep 18: 303 contracts (MTD: 3,527 | Settlement: $4,385.90)
  • Sep 22: 340 contracts (MTD: 3,867 | Settlement: $4,338.90)
  • September deliveries remain an orderly, non-major cycle compared to August 2026 (which concluded with over 20,343 contracts delivered), but daily intent sizes above 300 contracts indicate persistent physical standing rather than late-month contract abandonment.

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Warehouse stocks

• CME warehouse stock data for COMEX Gold is not reported in the current feed.

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COT cross-check

The latest CFTC Commitments of Traders data (as of September 18, 2026) highlights a strong speculative tailwind supporting physical firmness:

• Open Interest: 409,899 contracts
• Managed Money: 142,394 longs vs. 9,278 shorts (Net: +133,116 contracts, long/short ratio of ~15.3:1)
• Producer / Merchant: 16,396 longs vs. 44,457 shorts (Net: -28,061 contracts)

Positioning vs. Physical Flow: The physical uptake (340 contracts daily; 3,867 MTD) aligns with the heavy speculative net-long positioning. There is no divergence pointing to paper exhaustion yet; physical participants continue to stop deliveries smoothly despite elevated pricing above $4,300/oz.

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Risks and watchpoints

• Speculative Long Concentration: With Managed Money holding over 142k long contracts against only ~9.3k shorts, any macro-driven liquidation could trigger sharp price pullbacks even if physical stopping remains steady.
• Delivery Expiration Wrap-Up: Monitor the tail end of the September contract to see if delivery pace stabilizes or drops abruptly as positions roll into subsequent active cycles.
• Commercial Hedging Pressure: Producer/merchant net shorts (-28,061 contracts) reflect ongoing hedging by physical supply chains at current price levels ($4,330–$4,400).