Gold Price - trader vs. investor/consumer

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I am not an investor, but just doing this research for a project here -

Does the price of gold differ depending on whether it is traded as a commodity at MCX/NCDEX or is purchased as a regular consumer from banks or from jewellers?

Also, how frequently does the price change? As a commodity, I believe the price changes by the minute (spot price). But, how does the price work for the consumer segment? I checked this site of a popular south Indian jeweller (princejewellery.com ) and there, the price of gold is given "for the day". I am little confused about what I should be quoting if I were asked for the price of gold. Is it the commodity spot price or the daily rate quoted by such jewellers?

Thanks a lot.


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