Unlike the stock market, transactions in the gold market are generally highly leveraged. In addition to the gold futures market, even in the spot gold market, the T+D model (delayed delivery of margin) still dominates. Generally speaking, in the domestic gold futures market, leverage can be about 13 times, and T+D is about 9 times. In overseas comex gold futures market and London gold market, the leverage level is much higher, even around 100 times.