The difference lies in the different market types and mechanisms.

1. New York gold is futures gold, which is listed and traded on the New York Mercantile Exchange. London gold is spot gold, which is traded on the London Gold Exchange Market and the Zurich Gold Exchange Market.

2. The London gold quotation mechanism uses two-way quotations from market makers, while the New York gold quotation mechanism is a matching quotation mechanism. After entering the market at the specified price, the order may not be completed immediately.