| The gold futures of China was launched and traded on the Shanghai Futures Exchange in January 9,2008, the launch of gold futures has a great significance for the gold market system of China and the mechanism of price forming, and forms the situation of mutual promotion and coordinated development among the spot market, forward market and futures market.This paper reviews the development process of gold futures market and spot market in China, on the basis of summarizing the relevant research results, analyzes the gold futures and spot markets, cards the basic relations between the futures market and the spot market, and summarizes the factors affecting the futures price and spot the price. Referring to the empirical research methods commonly used at domestic and abroad, studies the causality in the spot-futures of gold markets in China by using the ADF Unit root test, Cointegration analysis and Granger Causality model, the result shows that the gold spot prices has one-way causal relationship on the futures price in our country, while the futures prices has not obvious causality on the spot prices. |
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