Gold option is a kind of financial contract, which gives the holder the right to buy or sell gold at a specific price at a specific time in the future, but it is not an obligation. Buyers and sellers of gold options can trade freely at any time before the option expires, and the buyer can choose whether to exercise the option when the option expires.

Compared with gold futures, gold options have the following differences:

1. Different definitions: gold option is a kind of right that gives the holder the right to buy or sell gold at a specific price at a specific time in the future, while gold futures is a standardized contract that agrees to buy or sell the underlying gold at a specific price at a specific time in the future.

2. Different ways of buying and selling: Buyers and sellers of gold options can trade freely at any time before the option expires. When the option expires, the buyer can choose whether to execute the option, and the buyer and seller of gold futures must make delivery on the exchange according to the contract before the contract expires.

3. Risks and benefits are different: because gold options only give the holder rights rather than obligations, their risks are relatively small, but it also means that the potential benefits are relatively limited. Gold futures, on the other hand, have greater risks and benefits, because it requires buyers and sellers to deliver gold according to the contract on the maturity date, so they may face greater losses and benefits.

In short, although gold options and gold futures are financial derivatives in the gold market, their trading methods and risk-return characteristics are different, and investors should choose the investment products that suit them according to their own conditions.