What is the relation between gold spot prices, futures contracts, and the risk-free rate:

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We can replicate the futures contract like this: buy (physical) gold and borrow the present value of the futures price at the risk-free rate

We can replicate the futures contract like this: buy (physical) gold and invest the present value of the futures price at the risk-free rate

We can replicate a long position in (physical) gold like this: enter into a long futures position and invest the present value of the futures price at the risk-free rate

We can replicate the futures contract like this: sell (physical) gold and invest the present value of the futures price at the risk-free rate

We can replicate a long position in (physical) gold like this: enter into a long futures position and borrow the present value of the futures price at the risk-free rate