What everyone usually says“Gold external market”Usually refers to gold products traded using the international market quotation system. The common unit of quotation for London gold is the US dollar per troy ounce; The Chinese yuan/gram is more commonly seen in the domestic gold market.

So the international gold price is over 4300, while the domestic gold price is over 900. It seems that there is a big difference in the numbers, but in fact, we need to unify the currency and weight units first.

The unit is not unified, and putting the two prices together has no comparative significance.

How to read the quotation for London gold

The international spot London gold 100 ounce contract is quoted in US dollars per troy ounce, with a basic trading unit of 100 troy ounces and a minimum price change of 0.01 US dollars per ounce.

Wmax · 威马证券 London gold also uses 100 ounces as the unit of 1 contract.

For example, when the market shows 4300.00, it means around $4300 per troy ounce of gold, not $4300 per gram of gold.

Let's clarify this first, and then the conversion will be simple.

Why is domestic gold often written in yuan/gram

Taking the Shanghai gold regulatory agency Au99.99 as an example, the current quotation unit is RMB/gram, and the trading unit is 10 grams/lot, using spot trading.

That is to say, international London gold and domestic Au99.99 are different from the unit of quotation.

Write one in US dollars per ounce and one in Chinese yuan per gram.

To roughly compare the international market quotation with the RMB gold price, it is necessary to handle both exchange rate and weight conversion simultaneously.

One troy ounce is equivalent to 31.1034768 grams.

The conversion method is as follows:

International Gold USD Price x USD/RMB Exchange Rate ÷ 31.1034768

Obtain a theoretical conversion value of RMB/gram.

After changing units, why may the prices still be different

Because the unit is only one level.

Specific products are also affected by trading venues, trading hours, market supply and demand, exchange rates, liquidity, and trading mechanisms.

London Metal is a common product in the international over-the-counter precious metal market, and Wmax · 威马证券 uses a prepayment system for trading.

The Shanghai gold regulatory agency Au99.99 adopts a full spot trading model, where the buyer freezes the full payment when quoting, and the gold ownership is transferred in real-time after the transaction.

It is normal for the actual transaction price to differ due to different product mechanisms.

Therefore, converting international gold prices into RMB/gram is suitable for observing approximate price relationships; To trade which product, it still depends on the real-time price of the corresponding market.

The trading hours for foreign gold and domestic gold are also different

London gold covers major trading periods in Asia, Europe, and the Americas, with longer trading hours on weekdays.

Wmax · 威马证券 currently trades during daylight saving time from 06:05 on Monday to 04:55 on Saturday, with daily settlement times in between; The winter season is generally extended by one hour.

The current trading hours for Shanghai gold regulatory agency Au99.99 are from 9:00 to 15:30 during the day and from 20:00 to 02:30 the next day at night.

This will lead to a very realistic situation.

When the international market is still trading, a certain trading session in China may have already ended.

The price changes that occurred during the overseas market period will only re-enter the domestic quotation when the domestic market reopens.

So we cannot expect two markets to maintain exactly the same trend every minute.

Does gold necessarily refer to London gold in the foreign market

In daily Chinese searches, many people actually refer to London gold or international spot gold when they say "offshore gold", but the term itself is more colloquial.

When actually preparing for a transaction, it is best to directly look at the product name, contract unit, quoted currency, and trading rules.

It's easy to put different products in the same basket just by looking at the word 'external market'.

The London gold offered by Wmax · 威马证券 is currently priced in USD, at 100 ounces per lot, with a minimum trade size of 0.01 lots. When users want to compare it with domestic gold, they can first convert USD/ounce to RMB/gram, and then look at the differences in product mechanics.

This is far more reliable than simply comparing two headline numbers.

Risk warning: Different gold products have different trading methods, funding requirements and risks. Before trading margin London gold, please first understand the contract unit, margin, spreads, holding costs and forced liquidation rules.

伦敦金属于国际场外贵金属市场常见产品，Wmax · 威马证券采用预付款制度进行交易。

上海黄金监管机构Au99.99采用全额现货实盘模式，买方报价时冻结全额货款，成交后黄金货权实时过户。

产品机制不同，实际成交价出现差异很正常。

因此，把国际金价换算成人民币/克，适合用来观察大致价格关系；要交易哪个产品，仍然看对应市场自己的实时价格。

外盘黄金和国内黄金的交易时间也不一样

伦敦金覆盖亚洲、欧洲和美洲主要交易时段，工作日交易时间较长。

Wmax · 威马证券目前夏令时从周一06:05交易至周六04:55，中间设日常结算时间；冬令时整体顺延一小时。

上海黄金监管机构Au99.99当前交易时段为日间9:00至15:30，夜间20:00至次日02:30。

这就会出现一个很现实的情况。

国际市场仍在交易时，国内某个交易时段可能已经结束。

等国内重新开盘，海外市场期间发生的价格变化才会重新进入国内报价。

所以不能要求两个市场每一分钟都保持完全相同的走势。

黄金外盘一定指伦敦金吗

日常中文搜索里，很多人说“外盘黄金”时确实在说伦敦金或国际现货黄金，但这个词本身比较口语化。

实际准备交易时，最好直接看产品名称、合约单位、报价货币和交易规则。

光看“外盘”两个字，很容易把不同产品放在同一个篮子里。

Wmax · 威马证券提供的伦敦金目前采用美元计价，每手100盎司，最低交易量0.01手。用户想比较国内黄金时，可以先把美元/盎司换成人民币/克，再看产品机制上的差别。

这样比盯着两个表面数字直接比较靠谱得多。

风险提示：不同黄金产品的交易方式、资金要求及风险并不相同。参与保证金伦敦金交易前，请先了解合约单位、保证金、点差、持仓费用和强制平仓规则。