According to the holding cost hypothesis of futures pricing, the difference between futures price and spot price consists of financing interest, storage fee and income. Gold is an investment commodity, assuming that the risk-free return is R, the present value of storage cost is U, T is time, and S0 is the current spot price, then the futures price F0 = (S0+U) * eRT; According to the formula, the theoretical price of one-year gold futures is = (300+2) * E 4%/4.