A: The whole process of gold futures trading can be summarized into two parts: opening positions or physical delivery. Opening a position, also known as opening a position, refers to the new purchase or sale of a certain number of futures contracts by traders. However, most speculators and hedgers usually buy back the futures contracts they bought or will sell before the end of the last trading day, that is, through a futures transaction with the same amount and the opposite direction, the original ones will be written off. This behavior of buying back a sold contract or selling a bought contract is called liquidation. Then the liquidation in gold futures trading can be simply understood as investors buying or selling contracts with the same amount but opposite directions after opening positions to hedge and offset positions. Therefore, in gold futures trading, only individual investors do not want to close their positions in order to make physical delivery at maturity, and there will never be a phenomenon that they want to close their positions but cannot close them.