The Best Time to Trade Gold in the Forex Market

If you are wondering when is the best time to trade gold in the forex market, you are not alone. The two most active trading centers in the world are located in New York and London, and these hours account for more than 80% of the total daily trading volume. While the latter market session is volatile and tends to coincide with economic data releases, the former session is the best time to trade gold, with peaks between 1300 and 17:00 GMT.

The dollar and gold are highly correlated. When one currency falls, the other rises. However, there is not always a 1:1 correlation. In fact, gold correlates to many other currencies and vice versa. Because the dollar is the world's reserve currency, they tend to move in tandem. For example, the Australian dollar is the third largest gold producer in the world, contributing $5 billion worth of gold every year.

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