One is a standard futures contract, and the other is a deferred spot contract. Gold T+D trading is a kind of gold spot deferred delivery business that investors can carry out through margin. It is a spot transaction, which not only does not need to be delivered on the same day, but also can be extended indefinitely. Therefore, most participants are industrial enterprises and financial institutions. Futures adopt a centralized delivery system at maturity, which is the biggest difference from spot trading. At the same time, the establishment of futures and spot markets is for the need of market preservation on the one hand and the strategic need of gaining the right to speak on international gold pricing on the other.