Gold t+d refers to the standardized contract formulated by Shanghai Gold Exchange, which stipulates the delivery of a certain number of subject matter at a specific time and place in the future.

in t+d, "t" is the initials of Trade and "d" is the initials of Delay. This kind of trading is attended by producers and operators who transfer the risk of price fluctuation and venture investors who bear the price risk and make profits. It is conducted in fair competition within the exchange according to law and is guaranteed by the margin system. A notable feature of the margin system is that it uses less money to do larger transactions, and the margin is generally 6%-9% of the contract value. Compared with stock investment, investors' investment funds in the gold T+D market are much smaller than other investments, commonly known as "small bets".

The characteristic of gold t+d is that it is bought and sold by margin. Traders can choose to deliver on the same day or postpone delivery indefinitely. Investors of gold t+d can't open positions immediately at the current price, but need to set a price and quantity first, and then wait until the market finds a completely matching counterparty to open positions. Because investors need to wait after submitting the application for opening positions, they often miss the investment opportunity because they wait for the system to match. The market area of gold t+d trading is limited to the domestic market, and the volume and activity are far less than the international market.

Extended information:

Features of T+D

The handling fee of T+D is higher than that of futures, lower than that of physical gold, and equivalent to that of stocks, and the risk is between futures and stocks. The bank will become the "exclusive agent" of individual gold deferred trading (hereinafter referred to as "individual gold TD") business. However, many investors are afraid of a gold TD because its handling fee is much higher than that of gold futures and underground speculation.

TD trading of individual gold is a kind of gold spot deferred delivery business that investors can carry out by way of margin. It is a spot transaction, which not only does not need to be delivered on the same day, but also can be postponed indefinitely. If it is traded at the spot price, all these products belong to the spot trading variety; But if it is traded at future prices, it belongs to forward or futures trading. The Shanghai Gold Exchange trades at the price of the day, with physical delivery and spot trading. This is a concept that must be clarified.

compared with the two, in terms of delivery period, futures have a fixed delivery date, but gold TD has no fixed delivery date and can always hold positions; In terms of trading time, gold TD has been trading at night, while futures began to trade at night in July 213.

Baidu encyclopedia -T +D