Black: prevents light from reflecting. For example, if your subject is near a white wall and you don't want your flash to bounce off that wall on your subject, you can put the reflection screen with the black side in the middle. So you have more control over your light.
Silver: this gives the brightest reflection and ensures that details appear sharp. A silver reflective screen, however, does not soften the light.
White: you can also reflect with white. It is slightly less bright than silver, but still works very strong. In addition, the white reflection screen makes the light really softer.
Gold: has the same effect as silver with the added bonus of giving your light a warm golden glow. Imitate the color of the golden hour.
Transparent: with this you do not reflect. We also call it a diffusion screen - you put it between your light source and your subject. For example, between the flash and the subject or between the sun and the subject. This makes the light softer.