Gold Physical Market Brief — October 6, 2026

Executive summary

Physical delivery activity for Gold (GC) on COMEX saw 271 total contracts issued and stopped on October 6, 2026. Deliveries were split between standard 100 oz contracts (81 notices) and Micro Gold contracts (190 notices), both settling at $4,159.20 USD. Month-to-date (MTD) cumulative deliveries for the October 2026 standard contract reached 11,909 contracts, maintaining solid delivery momentum early in the October delivery cycle. In the paper market, managed money holds a substantial net-long stance (+120,318 contracts), showing strong directional alignment with steady physical uptake.

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Delivery intentions (today + MTD context)

Delivery notices filed on October 6, 2026 (for delivery on October 8, 2026) were as follows:

• October 2026 COMEX 100 Gold Futures (GC):
  • Daily Issued / Stopped: 81 contracts
  • Settlement Price: $4,159.20 USD
  • Month-to-Date Total: 11,909 contracts
• October 2026 Micro Gold Futures:
  • Daily Issued / Stopped: 190 contracts
  • Settlement Price: $4,159.20 USD
  • Month-to-Date Total: 3,010 contracts

Delivery trend context

• Daily Pace: Total daily deliveries of 271 contracts reflect steady ongoing absorption, following 202 notices on October 5 and a high-volume intake of 1,021 notices on October 2.
• MTD Trajectory: At 11,909 standard contracts, October 2026 standard contract deliveries have already significantly surpassed the total volume achieved during the September 2026 contract cycle (4,183 MTD contracts), though they remain below the heavy August 2026 delivery cycle (20,343 contracts).
• Micro Contract Activity: Micro Gold delivery demand remains active, adding 190 contracts today to reach a 3,010 MTD total.

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Warehouse stocks

• CME warehouse stock data is not available in the current reporting feed for this metal.

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COT cross-check

The latest CFTC Commitments of Traders (COT) report (as of October 2, 2026) outlines the following positioning structure across a total open interest of 406,456 contracts:

• Managed Money: 131,711 long vs. 11,393 short (net long: 120,318 contracts)
• Producer/Merchant: 18,200 long vs. 39,463 short (net short: 21,263 contracts)

Physical vs. Speculative Alignment: Managed money positioning remains heavily tilted to the long side (over an 11:1 long-to-short ratio). This paper positioning aligns with the robust physical delivery volumes observed at the start of the October delivery cycle, indicating physical off-take is supporting speculative sentiment rather than showing an immediate positioning divergence.

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Risks and watchpoints

• Delivery Deceleration: Monitor whether standard contract delivery notices taper off quickly after the initial first-week surge or maintain an elevated run rate past 12,000 MTD contracts.
• Speculative Crowding: Managed money shorts remain exceptionally low (11,393 contracts), leaving the market vulnerable to sharp pullbacks if long liquidation is triggered.
• Settlement Floor: Watch price behavior around the $4,150–$4,160 settlement band as October physical contracts continue to clear.