Explaining Terminology in metal markets
Gold and Silver Spot - What does "Spot" mean?
The spot price refers to the price of metal for immediate delivery.

Transactions for bullion coins are almost always priced using
the spot price as a basis.The spot metal market is trading very close to 24 hours a day as there is almost always a location somewhere in the world that is actively taking orders for gold transactions. New York, London, Sydney, Hong Kong, Tokyo, and Zurich are where most of the trading activity takes place. Except Saturdays.

 Look at Spot Gold vs Gold Futures Prices

There is usually a difference between the spot price of gold and the future price.

The future price, is used for futures contracts and represents the price to be paid on the date of a delivery of metal in the future. In normal markets the futures price for metals is higher than the spot price. 

The difference is determined by the number of days to the delivery contract date , prevailing interest rates, and the strength of the market demand for immediate physical delivery.

The difference between the spot price and the future price, when expressed as an annual percentage rate is know as the “forward rate”. 

Change (Change from previous close)
This is the change in the price of the metal from the previous close, which is not necessarily the previous day. Weekdays from 6:00 PM NY time until midnight the previous close is from the current day. Here’s why: 

The time the market stops trading in New York on weekdays is for a 45 min period, from 5:15 PM New York time until 6:00 PM. The last quote is at 5:15 PM as the close of that given day. 

Change is always the difference between the current price and the price at 5:15pm.

For example: Say gold last traded at $1300 at 5:15 PM on January 17. 

If it is January 17 at 6:30 PM and the price is $1302 , that shows a change of +2.00.  If price is $1295, the change is -$5.00.

If it is January 18 at 5:13 PM and gold is quoted at $1325 then the change  would be +25.00 at that time.

And if it is still $1300, then there is NO change.

Clear as mud, huh? !

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