The risks of physical gold trading mainly include the following:

1. Market risk: Due to the large fluctuations in the spot gold market, investors need to bear market risks, including risks caused by price fluctuations, market fluctuations, etc.

2. Leverage risk: Physical gold trading may involve leverage, and investors need to bear corresponding risks. Once the market fluctuates in the opposite direction, investors may suffer losses.

3. Liquidity risk: In some extreme circumstances, market liquidity may be affected, especially when the market is volatile or trading volume is low, investors may have difficulty buying or selling gold at a predetermined price in a timely manner. This creates liquidity risk.

4. Operational risk: Investors need to master certain operational skills and experience in physical gold transactions, otherwise operational errors or improper transactions may occur, resulting in risks.

5. Policy risk: Policy changes may have an impact on the gold market, such as interest rate changes, exchange rate changes, trade policies, etc. Investors need to pay attention to policy changes to avoid policy risks.

6. Platform risk: Due to the large number of physical gold trading platforms, there are some black platforms. It is difficult to obtain profits from trading on this kind of platform, and various means will always be used to extract investors' profits.

In short, the risks of "physical gold trading" are relatively high. Investors need to fully understand the market conditions and platform risks, master risk management skills, reasonably control risks, and achieve stable returns.