The main entities of the gold market can be divided into gold operators, gold traders, banks, hedge fund brokerage companies and private investors.

(1) Gold operators: refers to enterprises related to gold production and sales, mainly including major gold mines, gold producers, gold product dealers, jewelry shops, etc. Usually, such companies are mostly risk-averse, and they enter the gold market mainly to avoid the risks caused by violent fluctuations in gold prices.

(2) Gold dealer: refers to a financial institution that specializes in gold trading. The most typical gold dealers are the five major gold banks in the London gold market, because they have extensive connections with major gold mines and many gold merchants in the world, and their various affiliated companies are in contact with many stores and gold customers. Therefore, the five major gold banks will continue to report the buying and selling prices of gold based on the information they have. Of course, gold merchants are responsible for the risk of gold price fluctuations.

(3) Banks: Banks can be divided into two categories. One is that they only act as agents for transactions and settlements for customers and do not participate in gold trading themselves. Represented by the three major banks in Zurich, they act as producers and Brokers between investors play an intermediary role in the market; the other is a bank that does proprietary business. For example, in the Singapore Gold Exchange (UOB), there are many proprietary dealer members that are banks.

(4) Hedge funds: refer to those funds that use different markets to conduct arbitrage transactions. From a formal point of view, hedge funds are a group of investment tools that trade in all market types, including foreign exchange, stocks, bonds, commodities, and various derivatives. In recent years, international hedge funds, especially those in the United States, have been active in every corner of the international financial market. In the gold market, almost every major decline is related to the intervention of fund companies.

(5) Brokerage company: refers to a brokerage organization that specializes in acting as an agent for non-exchange members to conduct gold transactions and collect commissions. In the gold markets of New York, Chicago, Hong Kong, etc., there are many brokerage companies active. They do not own gold themselves, but only send floor representatives to act as agents for gold transactions in the trading hall and collect commissions from customers.