COMEX REGISTER 424 GOLD DELIVERY IN DECEMBER: WHAT THIS MEANS FOR XAU/USD

[Igor Pereira]

The latest update of COMEX for the December contract delivery cycle Gold Futures (100 oz) shows a relevant movement in the institutional physical flow. They were issued 424 Delivery Notices, exactly 424 contracts stopped — sign of balance between emission and physical demand.

However, the emphasis is on the behavior of JP Morgan, which again dominated emissions and also a significant part of the charts, reinforcing its central role in the physical gold market.

According to the analyst Igor Pereira, in exclusive analysis for ExpertFX School:

“JP Morgan continues to dictate the pace of deliveries. When a single institution represents almost all the volume emitted, this indicates a strategic position in the physical market while protecting or adjusting future market exposures.”

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1. The Movement of this Monday: 424 Contracts

Total issued (issued): 424
"> Total stopped: 424
JP Morgan:

• Issued: 400 contracts

• Stopped: 134 contracts

That means:

• JP Morgan issued 94.3% of all the deliveries of the day.

• Still, too. absorbed most of the stops, consolidating presence on both the seller and buyer side.

This pattern has been repeated for weeks, confirming that No, JP Morgan is not the only big gold shorts bank, but what else appears in physical notifications, because it is one of the main “clearing members” of the market.

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2. Why It Matters To the market?

The physical gold market in Comex acts as the link between:

• Financial flow (future)

• Real demand by physical metal

When an institution concentrates delivery emissions like JP Morgan:

2.1. Can indicate hedge of long spot positions

The bank delivers physical gold to adjust positions without necessarily being “speculative short”.

2.2. Can signal internal rebalancing between customers

Many contracts reflect custody, arbitration or transfer between internal and institutional accounts.

2.3. Shows that physical demand remains firm

The fact that all 424 contracts issued were accepted quickly reinforces:

• consistent search for physical gold,

• especially near the turn of the year,

• with Asian banks and funds looking to recompose stocks.

According to Igor Pereira:

“ The behavior of physical delivery confirms that there is real demand. Whenever the number of stops follows the number of emissions, we have a clear sign of a healthy market with persistent demand.”

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3. Impact on XAU/USD — What Trader Should Monitor

The December flow is relevant because it coincides with:

• institutional positioning for the first quarter of 2026,

• US post-tax rebalancing,

• Fed's interest-cutting expectation,

• The weakness of the dollar amid the tariff discussions.

3.1. Physical supply pressed

High emissions and firm demand favor:

• gold stability,

• possible high trend if the Fed confirms deep cuts and start shopping for T-bills.

3.2. Pressure on structural shorts

Banks that operate selling futures need to deliver metal — and this reduces supply elasticity, a factor altista.

3.3. Convergence with geopolitical tensions

Rates, China, U.S. growth, and restitution of interest raise the search for long-term hedges.

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4. What to Expect in the Next Days

According to Igor Pereira:

“If Fed delivers cut + liquidity boost this week, gold can accelerate. Comex's physical flow already indicates structural purchasing force — and any confirmation from Powell must push the XAU/USD to new local maxims.”

Signals to be observed:

• Increased number of Stopped by Asian banks.

• Fall in the metal offer available in the registered warehouses of COMEX.

• Lift on open interest while physical delivery keeps pace high.

• Dollar reaction after Fed's statement.