Gold Physical Delivery & Positioning Brief: September 24, 2026

Executive summary

Physical delivery activity for COMEX Gold futures (GC) recorded 107 contracts issued and stopped on September 24, 2026, lifting the September month-to-date (MTD) total to 4,172 contracts. Daily delivery volumes have tapered steadily from earlier in the week (340 contracts on September 22 and 198 on September 23). Concurrently, contract settlement prices softened to $4,263.00/oz, down from $4,385.90/oz seen on September 18. While physical absorption continues at a measured pace into the late-month cycle, CFTC data reveals an extended speculative net long position that may face liquidation pressure if physical off-take fails to accelerate.

Delivery intentions (today + MTD context)

• Daily Delivery Notices: 107 contracts were issued and stopped on September 24, 2026, for the September 2026 COMEX 100 Gold Futures contract at a settlement price of 4,263.00 USD (scheduled delivery date: September 28, 2026).
• Month-to-Date Volume: Total MTD deliveries reached 4,172 contracts.
• Delivery Pace & Settlement Trajectory:
  • Recent Trend: Delivery notices have slowed over three consecutive sessions, declining from 340 contracts (Sep 22) to 198 (Sep 23), and down to 107 today.
  • Price Trend: Settlement prices have declined alongside the tapering delivery flow, moving from $4,385.90 (Sep 18) to $4,338.90 (Sep 22), $4,281.30 (Sep 23), and $4,263.00 (Sep 24).
  • Cycle Context: September delivery volume (4,172 MTD) remains typical for an interim delivery cycle, contrasting with the heavier volume recorded in August 2026 (which exceeded 20,000 contracts MTD by late August).

Warehouse stocks

• CME does not publish warehouse stock figures in this reporting feed for COMEX Gold (warehouse_stocks is null). Eligible and registered depository breakdowns are unavailable.

COT cross-check

As of the latest CFTC commitment of traders report (September 18, 2026): * Open Interest: 409,899 contracts * Managed Money: 142,394 long vs. 9,278 short (net long: +133,116 contracts; ~15.3:1 long-to-short ratio) * Producer/Merchant: 16,396 long vs. 44,457 short (net short: -28,061 contracts)

Physical vs. Positioning Divergence: Managed Money holds a heavily one-sided net long position (+133,116 contracts). Since the COT cutoff date (Sep 18), COMEX front-month settlement prices have pulled back by $122.90/oz (from $4,385.90 to $4,263.00), accompanied by diminishing daily delivery notices. The physical market is showing orderly, declining late-month settlement volume rather than acute supply tightness, leaving speculative longs exposed to positioning adjustments if paper support weakens.

Risks and watchpoints

• Speculative Long Overhang: The extreme long-to-short ratio among Managed Money accounts (15.3x) creates vulnerability to long liquidation if settlement prices continue to drift lower.
• Front-Month Expiration: Transition of open interest out of the September contract into active forward active delivery months.
• Inventory Transparency: In the absence of daily COMEX depository inventory reports, warehouse eligible-to-registered conversion rates and physical cover cannot be directly confirmed.