Generally speaking, in the gold futures market, it is difficult to keep a balance between short hedging positions and long hedging positions, and the existence of speculative positions can fill the unbalanced part, otherwise the price will be greatly deviated. Therefore, a certain amount of hedging positions need more speculative positions to adapt to it. It can be said that moderate speculation is conducive to improving the efficiency of hedging. In addition, although a large number of speculative transactions in the futures market seem to rely on hedging, hedgers prefer to use the exchange with the largest speculative trading volume for varieties that are traded on multiple exchanges at the same time. It can be seen that the gold futures market can not be completely separated from speculators, and it is precisely because of the participation of speculators that the gold market is more active, that is to say, speculative trading has its significance in the gold futures market.