Spot gold is a spot contract, and you can apply for delivery after the transaction; Gold futures are forward contracts and need to be delivered in a certain delivery month.

Two: different trading hours

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

Three: Different risks

Spot gold is less risky than gold futures. The reason is that the spot can be traded 24 hours a day, and the position can be closed at any time to lock the profit and loss. However, due to the limitation of trading time, there is a huge gap between the closing price and the opening price of gold futures the next day, and the risk has undoubtedly increased a lot, which is well reflected in the chart.

Four: the income is different

The profit of gold spot is greater than that of gold futures, because the leverage ratio of spot is 100, while the leverage ratio of 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.

Five: the market is different

Spot gold is an external market in which governments, central banks and institutional companies all trade. The information is completely transparent and the transaction volume is huge. There is no possibility of controlling the village, and it depends entirely on the investor's profitability. 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.