The deferred trading business of physical gold (Au(T+D)) is not gold futures, but products listed on the Shanghai Gold Exchange, which is a spot gold trading market, and gold futures are products listed on the Shanghai Futures Exchange. The similarities between the two are as follows: first, they are both margin transactions with leverage effect; Second, you can open positions in both directions. The difference between the two is: First, the price target is different. The target price of Au(T+D) is the spot transaction price of Au99.95, while gold futures is the futures price. In the gold market, futures prices are generally higher than spot prices; Second, the delivery date is different. Au(T+D) can be delivered at any time every working day, and futures contracts must be delivered on the delivery date stipulated in the contract.