Gold Price Meter - How Does it Work?

I kinow it doesn't take much to confuse me these days but how the hell does the Gold price Indicator , on the right hand of your screen, work? If you look at it now (8.33am) it shows a current gold price of A$1364.53, now with the chart showing a starting price of about A$1375.00 my basic maths tells me the difference would be -$10.47 yet the green numbers say the price is up, +$2.30. Can someone please explain.

Woteva

Woteva,

The price quoted on that chart is in Aussie Dollars (AUD), but the international gold price is in US Dollars. Maybe it's something to do with the ever-changing USD/AUD exchange rate?? Sometimes, our AUD price can go up whilst the USD gold price has gone down. I only ever take that chart as a "roughie" anyway. It's the price at the refiners that counts.

Cat

Not sure if this will come out right but il give it a go mate ,  if you look at the chart its NY trading time zone that green indicates ,the closing price of gold NY time of there session all converted to oz dollars on the day , after that the squigley chart line continues as oz & asian trade etc carries on in our morning later on in our arvo it goes Germany then London , then , later NY round again & there will be another green figure at the end of the NY trading close of their session . Its because there is huge volumes of trade passing through NY its good to see that price , however the squigley chart price is always the real price , at that moment any time zone , wow I should be a gold trader  

Damn fine explanation there albo   

with all the different time zones and stock markets around this planet there will be variations but in a nutshell, the chart shows NY stock exchange price at closing, I think.

If you go to the main site of Kitco, it might get clearer. But don't ask me, I just take the chart as a guide to the current price.

http://www.kitco.com/

Cliff

Thanks for your comments guys.

Albo, what your saying makes sense, Price is going up at the moment, so I'm happy.

Cheers

Woteva

no worries whatever, hope life at the new cubby has settled down for ya & your happy my friend , cheers albo.

I see Iv got the WOTS mixed up , it was wotif  that moved house ,   albo.