Spot Gold vs COMEX Gold Futures: What's the Difference?
On the DOS GOLD dashboard you'll see two gold prices: XAUUSD spot and COMEX GC. They move together, but they are not the same thing.
Spot gold (XAUUSD)
Spot gold is the price for gold delivered "now" (in practice, within two business days). It is the price most retail brokers quote, and it trades almost 24 hours a day from Monday to Friday. When people say "gold is at $X", they usually mean spot.
COMEX gold futures (GC)
A futures contract is an agreement to buy or sell gold at a set price on a future date. The main gold futures market is COMEX in New York, and the standard contract is called GC. One GC contract covers 100 troy ounces.
Big funds and banks trade a huge amount of gold through futures, so COMEX volume and open interest tell you how active the "big money" is.
Why futures trade at a premium
Futures usually trade a little above spot. That gap is called the premium (or "basis"). It mostly reflects the cost of carrying gold until the contract date: interest on the money, plus storage and insurance. When interest rates are higher, the premium is usually bigger.
The dashboard shows this as Premium vs spot. A sudden jump in the premium can mean strong demand for physical delivery in the US, which has happened during times of stress.
Open interest and volume
- Volume is how many contracts traded today. High volume confirms that a move has real participation behind it.
- Open interest is how many contracts are still open. Rising price with rising open interest suggests new buyers are entering. Rising price with falling open interest can mean short sellers are just closing out.