Participants in the international gold market can be divided into international gold merchants, banks, hedge funds and other financial institutions, various legal entities, private investors and brokerage companies that play a huge role in gold futures trading. International gold dealers (market makers): The most typical ones are the five gold dealers in the London gold market, all of whom are market makers of gold trading. Because they have extensive contacts with major gold mines and many gold dealers in the world, and their subordinate companies have contacts with many shops and gold customers, these five gold dealers constantly quote the buying price and selling price of gold according to their own conditions. Of course, gold market makers are responsible for the risk of gold price fluctuations.

(1) Banks can be divided into two categories. One is that they only buy, sell and settle accounts for customers and do not participate in gold trading. As representatives, the three major banks in Zurich act as brokers between producers and investors and play an intermediary role in the market. There are also some self-employed people. For example, in the Singapore Gold Exchange (UOB), there are many self-employed members.

(2) Hedge funds: International hedge funds, especially American hedge funds, are active in every corner of the international financial market. In the gold market, almost every plunge is related to fund companies borrowing short-term gold to sell in the spot gold market and establishing a large number of short positions in the the New York Mercantile Exchange Gold Futures Loan Exchange. Some large-scale hedge funds often take advantage of the inextricably linked with politics, industry, commerce and finance in various countries, first seize the changes in economic fundamentals, and use the huge funds under management to trade short, thus accelerating the changes in gold market prices and making profits from them.

(3) Various legal entities and private investors: this includes companies specializing in gold sales, such as major gold mines, gold producers, gold products merchants specializing in gold purchase and consumption (such as various industrial enterprises), jewelry stores and private gold collectors, as well as investment companies and individual investors specializing in gold trading; There are many kinds and quantities. However, according to the degree of preference for market risks, it can be divided into risk aversion and risk liking: the former wants to avoid risks and minimize the risk of market price fluctuations, including gold producers and gold consumers, while the latter is various investment companies such as hedge funds, hoping to gain benefits from price fluctuations. The former hopes that gold will preserve its value and pass on risks; The latter wants to make a profit and is willing to bear market risks.

(4) Brokerage company: it is a brokerage institution that specializes in gold trading for non-exchange members and collects commissions. Some exchanges refer to brokerage firms as commission rooms. In new york, Chicago, Hongkong and other gold markets, many brokerage companies are active. They don't own gold themselves, but only send representatives to buy and sell gold for customers in the trading hall and collect commissions from customers.