You might be wondering, as a Forex trader that why are we talking about gold market timings in the first place. The thing is that Gold is a huge factor when it comes to Forex trading. A lot of commodities rely on Gold and are directly affected by the changes in the gold market. Hence, we think our new and moderate level traders must know that what time does the gold market open in South Africa?
The Forex market itself is a 24/5 market. The market works based on four different sessions, making it possible for the traders to open or close a trade around the clock. Let’s see the timings of the gold market and how it affects Forex traders.
What time does the gold market open in South Africa? – Gold market
The gold market is one of the biggest trading markets in the world. The gold market works on a similar principle as the stock market. There is no open-for-all international mobile market like the Forex market. You have to have a broker in the region where you want to trade Gold.
Almost every country and region have their gold market. We will discuss the most important ones and their relation with Forex.
Let’s answer your question, what time does the gold market open in South Africa?
Gold Market Importance
The gold market is the most important trading market in the world. It has a very high entry-level limit. Hence., not everyone trades in the gold market like with Forex. Because you can’t start with a 10-dollar amount.
Gold market timings – Globally
Every region has its gold market timings based on its regular office hours. Let’s see how that converts to UTC.
|Market||Local opening||Local closing||GMT opening||GMT closing|
As you can notice, there are no similar trading hours among the most popular gold markets of the world since most gold trading markets are operated by the governments, unlike the Forex market.
Gold market timings – South Africa
South African market opens at around 9 am and stays open for 8 hours, closing at 5 pm. This is an ample amount of time to trade in the market. The longer stretch of trading hours duration shows that there are a lot of traders in the market. Thus, we can say that it is a busy market. South Africa is also an importer of Gold, so it makes sense to have a strong gold trading market.
Relation with Forex market
The forex market in South Africa is dependent on foreign market sessions such as New York and London. New York session opens at 2 pm for South African traders; around that time, the gold market has stabilized. Hence, traders can make decisions based on the settled prices of Gold in the New York session. Similarly, the London market opens at 9 am for South African traders. The timings are identical in summers. In winter, the Forex market opens one hour after the gold market.
We hope that you find the answer that you were looking for. Your question, ” What time does the gold market open in South Africa?” The gold market directly affects the Forex trading pairs. Thus, traders need to stay in touch with it.