First, the delivery time is different: spot gold is a spot contract, and you can apply for delivery after the transaction; Futures are forward contracts and need to be delivered in a certain delivery month.

Second, the trading time is different: spot gold is a closed-loop system for 24-hour continuous trading; Futures have a fixed time limit, and the domestic futures trading time is limited to 9: 00 am-11:30 pm 1:30-3:00 pm.

Third, the risk is different: the risk of spot gold is less than that of futures. The reason is that spot gold is traded 24 hours a day, and it can be closed at any time to lock in gains or losses. However, due to the limitation of trading time, there is a huge gap between the closing price of gold futures and the opening price of the next day, and the risk has undoubtedly increased a lot.

Fourth, the income is different: the income of spot gold is greater than that of futures. The reason is that the leverage ratio of spot gold is 100, while futures is only about 10. That is to say, the same dollar may earn 100 yuan in the spot market and only 10 yuan in the futures market.

5. Different markets: Spot gold is an external market, in which governments, central banks, institutional companies, etc. All trade. The information is completely transparent, the transaction volume is huge, and the possibility of controlling the village does not exist at all, which depends entirely on the ability of investors to obtain income; The futures market is an internal market with insufficient trading volume. In addition, the government's many restrictions on the futures market have increased the possibility of inside information and provided an opportunity for bookmakers.