What is the present value of the golden period? How to operate the current hedging in the golden period? Gold cash hedging means that when there is a price difference between a futures contract in the gold futures market and a spot contract in the gold spot market, investors can use the difference between the gold futures and spot prices in the two markets to sell the same number of contracts with higher prices in the contracts with lower buying prices. With the further narrowing of the spread, investors can close their positions by selling the same number of contracts with low original prices and buying the same number of contracts with high original prices.

The operation method of gold spot hedging is to buy (sell) a certain month's gold futures contract in the gold futures market, and at the same time sell (buy) the same number of contracts in the gold spot market to make a profit at a favorable opportunity. It is a form of hedging based on spot delivery.

Futures hedging is a hedging transaction using spot delivery and position cost and futures basis. Theoretically, the price of forward gold futures should be higher than that of spot gold, but due to the upper limit of warehouse cost, the price of forward gold futures cannot exceed that of spot gold indefinitely. When the price difference between the spot gold futures price and the spot gold price is higher than the position cost, those who buy spot gold and sell forward gold futures can make a profit and reduce their futures after paying interest, warehouse fees and insurance premiums.