(1) Spot gold is a precious metal, and spot gold mainly focuses on the US dollar index. Crude oil is a commodity. Crude oil investors are mainly concerned about the situation in the Middle East and shale oil in the United States, and are also easily influenced by Chinese and American factors. Crude oil is greatly affected by news, like crude oil storage data, because crude oil will be consumed, gold will not, and gold can always be in stock. Gold can play the role of the world currency in a special period, and it is also one of the important asset reserves of central banks. When the global financial crisis and other risk events occur, the spot gold price will rise under the support of safe-haven buying.

(2) Spot gold is more sensitive to currency changes, while crude oil is more sensitive to economic changes. The demand for gold is basically investment demand and jewelry demand. A large part of crude oil demand comes from industrial demand, accounting for about 40%, such as industrial productivity, manufacturing demand and so on.

(3) The fundamentals of spot gold and crude oil are similar, because both are denominated in US dollars. When the dollar index fluctuates, they will run in the opposite direction.

(4) Spot gold and spot crude oil are traded in the same way, both of which are two-way operations, buying down and buying up, and speculating prices. But the margin ratio is different. At the same time, spot gold is greatly influenced by international economic and political factors and has the characteristics of hedging. The price of crude oil is greatly influenced by spot supply and demand, so many political factors, even abnormal weather changes, should be considered.