It is a commodity with no substitute.

golden

Whether in futures or non-futures markets, it is an unparalleled hard commodity.

Soft commodity futures

Goods with substitutes

In the futures market

take for example

Soybean oil

tofukasu

Soybean], soybean oil can directly replace hedging, and [rubber RU plastic L, polyethylene PVC] can be related to commodity arbitrage.