Abstract: The Chinese gold spot and futures markets have been developing for many years,and there is a close relationship between futures and spot prices.However,in 2022,there were abnormal fluctuations in futures and spot prices.This study analyzes the reasons for the abnormal fluctuations in futures and spot prices from the perspectives of interest rates,volatility,and market sentiment.It also explores how to use derivative instruments to cope with the changing relationship between futures and spot prices in the current market.The research and analysis of factors influencing the gold futures and spot prices can not only improve investors’ understanding of the  futures and spot markets but also help gold enterprises better hedge their positions.