Mechanical SPGs measure gauge pressure, which by definition is the difference between absolute pressure and ambient pressure. However it gets a little tricky as the SPG's only has one outlet, so "ambient pressure" or the 0 reading is determined by whatever it was when the system was sealed, i.e., when the regulator is hooked up to a cylinder with a closed valve.
So two SPGs could show different readings on tanks with identical amounts of gas depending on the ambient pressure when they were rigged up.
Thus you will have theoretical small changes in the SPG reading as you move to areas of higher or lower pressure, but the reality is that the EN250 standard for SPG accuracy is only ±10% below 100bar/1450psi. They just aren't accurate or precise enough to notice 10 or 20 psi differences.
The only way you'd see change in the real world would be from something like rigging a bottle at the bottom in a diving bell (or purging a closed pony in a deep chamber). Leave it closed and you might see the needle rise off zero as you ascend and the gas in the hoses tries to expand and thus exerts pressure on the gauge. Or, if you have your own airplane, you could try taking a rigged pony with closed valve to altitude.
Edit: on further reflection, some of this is wrong and I've used strike through text to indicate it. Assuming the internal volume of the hose does not change, then the pressure shown on the gauge will not change. See my next post (2 below) for more details.
So two SPGs could show different readings on tanks with identical amounts of gas depending on the ambient pressure when they were rigged up.
Edit: on further reflection, some of this is wrong and I've used strike through text to indicate it. Assuming the internal volume of the hose does not change, then the pressure shown on the gauge will not change. See my next post (2 below) for more details.