GUIDES
Gold spot vs futures
Last updated
Searches for a gold spot price or gold futures often treat two USD-per-troy-ounce prints as one executable number, or treat a fallback spot print as the London fix. Live quotes on this site prefer Yahoo Finance metal futures. When one futures source is limited, that metal switches to a Gold API public spot reference and the name and code change with it. This page explains the labels only. It does not copy or invent a dollar price, and it does not subtract futures from spot to publish a basis.
Futures first, spot only as a fallback
Gold prefers GC=F, named “Gold futures.” The homepage primary quote then reads “COMEX gold futures reference,” with the code “GC=F · Yahoo Finance” and the source Yahoo Finance chart. Silver, platinum and palladium each prefer SI=F, PL=F and PA=F, named as that metal’s futures. Each metal is decided on its own. Gold switching to spot does not switch the others.
When a futures print is missing, that metal asks Gold API for a public spot reference. Gold becomes XAU/USD and the name becomes “Gold spot reference.” Silver, platinum and palladium become XAG/USD, XPT/USD and XPD/USD. If the homepage gold row is on spot, the label becomes “International gold spot reference,” the code is “XAU/USD · Gold API,” and the change line says it is a spot reference. That is a different print, not the futures contract renamed.
If both prints are missing, that metal is omitted. If gold has neither, the page does not invent a price. A closure or delay keeps the last valid print and labels the status. The site does not mint a second number so futures and spot can sit side by side. Session status is in the open-vs-after-hours guide.
Which fields the spot fallback leaves blank
A futures reference usually carries previous close, open, high, low and an intraday series. The spot fallback does not. Those fields stay empty, and the intraday chart says this source has no verified intraday series. Without a previous close, the homepage says “valid reference” instead of filling 0% or reusing the last futures move.
History charts stay on futures. The international page and the homepage charts read GC=F, SI=F, PL=F and PA=F. Their notes say futures, and missing sessions are omitted. When the live card switches to spot, the chart is not redrawn as an XAU/USD spot line, and the spot print is not written into a missing futures day. Do not treat the chart close and the spot card as two quotes of the same print at the same time.
Do not subtract the two references
Futures can differ from spot because of the roll and basis. They need not match on a short horizon. This site shows only the print it is using. It does not list futures and spot together, and it does not publish a basis. Subtracting a futures print you saw elsewhere from this site’s spot, or the reverse, is not a spread this site calculated, and it is not a tradable bid–ask.
Taiwan’s theoretical qian uses the gold print on screen, whether that print is labeled futures or spot. It is multiplied by Bank of Taiwan USD spot-sell, then converted with 1 qian = 3.75 grams. The code follows the source, for example “XAU/USD × Bank of Taiwan USD spot-sell.” The method is in “Reading today’s gold: BOT vs COMEX.” After the switch it still excludes dealer spread, making charges and tax. It is not a shop or bank board.
The public spot print is also not the London gold fix. How LBMA differs from the London row here is in “London gold vs COMEX.” The contract itself is in “What is COMEX gold?”. Spot fallbacks for silver, platinum and palladium stay USD references. They are not a TWD recycle board.
HOW TO
Tell a futures reference from the spot fallback
Use the name, code and blank fields to see which print is on screen. No prices, and no basis calculation.
- Read the name“Gold futures” or “COMEX gold futures reference” is futures. “Gold spot reference” or “International gold spot reference” is the fallback. Silver, platinum and palladium each have their own name.
- Match the code and sourceFutures codes are GC=F, SI=F, PL=F or PA=F from Yahoo Finance. Spot codes are XAU/USD, XAG/USD, XPT/USD or XPD/USD from Gold API. Do not treat the two codes as two columns of one contract.
- Accept blank fields on spotThe spot fallback has no previous close, open, high, low or intraday series. The page leaves them blank. Do not fill 0 or reuse the previous futures move.
- Charts stay on futuresHistory charts keep the futures tickers. When the live card switches to spot, do not read the line as that spot print, and do not fill missing sessions.
- TWD theory follows this printTheoretical qian uses only the gold print now on screen, times Bank of Taiwan USD spot-sell. Do not subtract futures from spot. It is not a shop board and not a London fix.
Related quote pages
This page explains how futures references and the public spot fallback are labeled. It does not supply or invent a dollar price, a basis, a shop board or a London fix. Spread, making, tax and fees are excluded. Not investment advice. No Product/Offer.
Spot and futures questions
Is the spot reference on the page the London fix?
No. It is the Gold API public spot print used when futures are limited (XAU/USD for gold). It is not the LBMA fix and not a tradable London board.
Can I subtract spot from futures to get the basis?
No. The site shows one print at a time. It does not list both, and it does not publish a basis. A subtraction you make is not this site’s spread and not a tradable bid–ask.
Can silver, platinum and palladium switch to spot too?
Yes, each on its own. Futures codes are SI=F, PL=F and PA=F. Spot fallbacks are XAG/USD, XPT/USD and XPD/USD. They remain USD references, not a TWD recycle board.
Does Taiwan’s per-qian figure use the same method after a switch?
Yes. Theoretical qian then uses that spot print times Bank of Taiwan USD spot-sell, converted with 1 qian = 3.75 grams, and the code names the source. It is still not a shop or bank trade price. If neither source exists, no price is invented.