The Fluctuation Characteristics and Risk Investigation of China's Gold Future Market

This paper deeply explores the fluctuation characteristics and risks of China's gold futures market. Through the collection of data on macroeconomic factors, stock index interest rates, and energy futures, the paper employs multiple linear regression models and intermediary variable models to quantitatively analyze the impact of these factors on the volatility of gold futures prices. The research finds that there is a significant positive correlation between the gold futures price and the growth of the U.S. GDP and the silver futures price index, while the impact of other macroeconomic indicators such as China's gold reserves and the inflation rate is not significant. Policy support and market regulation play a key role in the healthy development of the market, and the broad participation of market participants and the innovation of financial products have driven the diversification of the market. The intermediary effect analysis shows that the impact of macroeconomic factors on the gold futures price is partially indirect through the intermediary variable of stock index interest rates.