Gold Physical Market Brief — September 29, 2026

Executive summary

• Delivery pause into the contract rollover: Today’s notice cycle for October 2026 COMEX 100 Gold futures (GC) recorded 0 notices issued and stopped against a settlement price of $4,147.70, with the month-to-date (MTD) cumulative total standing at 10,247 contracts ahead of the October 1 delivery date.
• September delivery cycle winding down: Active physical deliveries for the September 2026 contract tapered off sharply into month-end, falling from 340 contracts on September 22 to 11 contracts on September 25, bringing the final September run to 4,183 contracts.
• Positioning vs. physical setup: Managed Money remains heavily net long (+127,389 contracts as of September 25), while front-month settlement prices have pulled back from early-September highs above $4,490 to $4,147.70 on the October contract.

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Delivery intentions (today + MTD context)

Latest physical report (September 29, 2026)

• Contract: October 2026 COMEX 100 Gold Futures
• Settlement Price: $4,147.70 USD
• Daily Issued / Stopped: 0 / 0
• Delivery Date: October 1, 2026
• Month-to-Date (MTD) Cumulative: 10,247 contracts

Recent delivery context & trend

Deliveries slowed progressively across the final week of the September 2026 contract before the transition to the October contract:

• September 25, 2026: 11 contracts issued/stopped (Settlement: $4,286.20 | MTD: 4,183)
• September 24, 2026: 107 contracts issued/stopped (Settlement: $4,263.00 | MTD: 4,172)
• September 23, 2026: 198 contracts issued/stopped (Settlement: $4,281.30 | MTD: 4,065)
• September 22, 2026: 340 contracts issued/stopped (Settlement: $4,338.90 | MTD: 3,867)
• September 18, 2026: 303 contracts issued/stopped (Settlement: $4,385.90 | MTD: 3,527)
• September 1, 2026: 429 contracts issued/stopped (Settlement: $4,348.00 | MTD: 2,476)

Total September delivery volume (4,183 contracts) registered significantly lower than the previous major delivery month (August 2026 reached 20,343 contracts on the standard 100-oz contract).

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Warehouse stocks

CME does not publish warehouse stock data in this feed for COMEX Gold. Physical inventory changes and eligible/registered stock breakdowns cannot be verified from this dataset.

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COT cross-check

As of the September 25, 2026 CFTC Commitment of Traders report:

• Total Open Interest: 412,800 contracts
• Managed Money: 135,699 Longs vs. 8,310 Shorts (Net Long: +127,389 contracts)
• Producer/Merchant: 17,719 Longs vs. 44,496 Shorts (Net Short: -26,777 contracts)

Divergence assessment: Speculative positioning is heavily skewed to the upside, with Managed Money holding a >16:1 long-to-short ratio. However, recent delivery activity has decelerated into the October transition, and front-month settlement prices have declined by over $340/oz from September peak settlements ($4,491.70 on September 3 vs. $4,147.70 on October 2026 today). This points to potential speculative fatigue despite one-sided net-long sentiment.

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Risks and watchpoints

• October first-delivery flow: Monitor whether the 10,247 MTD intentions translate into active physical exchanges on the October 1 delivery date or if issuance remains muted.
• Speculative liquidation vulnerability: With Managed Money short exposure exceptionally low at 8,310 contracts against 135,699 longs, any continued price weakness below $4,140 could trigger long-liquidation pressure in GC.
• Commercial hedging appetite: Watch whether producer/merchant short positions expand if prices stabilize around the $4,150–$4,200 level.