As far as China is concerned, futures gold has a fluctuation range limit, and it must be delivered at maturity, which is very different from the trend of international gold because the fluctuation limit is too strict.

Gold TD is essentially the domestic gold spot. Although there are restrictions on price fluctuations, the restrictions are relatively loose and there is no need for forced delivery. As long as the margin is enough to be held all the time, the international gold trend can be better tracked because of its large fluctuation. Gold TD must be traded with full margin, and the amount is huge, while futures gold has lower margin requirements.