Short answer: The busiest window for forex and gold is the London–New York overlap: 13:00–17:00 GMT in the northern winter (roughly November to mid-March) and 12:00–16:00 GMT in summer. That's 8 am–noon in New York, and the table below converts it to your local time.
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Why session timing matters
The forex market is open 24 hours a day, five days a week, but activity is not even. When the big financial centres are open, more orders flow, spreads are usually tighter and price moves more cleanly. In quiet hours, spreads widen and breakouts fail more often.
London is the largest forex centre in the world. In the BIS Triennial Survey 2022, the UK alone handled 38% of global forex trading, and the US is the second-largest centre. That's why the hours when both are open matter most.
The four forex sessions (GMT)
Times shift by an hour when the UK, US or Australia change their clocks. The UK and US switch on different dates, so for a few weeks in March and October/November the overlap is an hour shorter or shifted.
| Session | Local hours | Winter (GMT) | Summer (GMT) | Typical character |
|---|---|---|---|---|
| Sydney | ~7:00–16:00 | 20:00–05:00* | 21:00–06:00* | Quiet; AUD and NZD move |
| Tokyo | 9:00–18:00 JST | 00:00–09:00 | 00:00–09:00 | Ranges; JPY, AUD active |
| London | 8:00–17:00 | 08:00–17:00 | 07:00–16:00 | Highest volume; trends start |
| New York | 8:00–17:00 ET | 13:00–22:00 | 12:00–21:00 | US data; strong moves |
*Australia's summer is the northern winter, so Sydney's hours move the opposite way. Japan has no daylight saving.
The overlap in your local time
| City (time zone) | Winter overlap (13:00–17:00 GMT) | Summer overlap (12:00–16:00 GMT) |
|---|---|---|
| São Paulo (GMT−3) | 10:00 – 14:00 | 09:00 – 13:00 |
| Lagos (GMT+1) | 14:00 – 18:00 | 13:00 – 17:00 |
| Johannesburg (GMT+2) | 15:00 – 19:00 | 14:00 – 18:00 |
| Nairobi (GMT+3) | 16:00 – 20:00 | 15:00 – 19:00 |
| Dubai (GMT+4) | 17:00 – 21:00 | 16:00 – 20:00 |
| Karachi (GMT+5) | 18:00 – 22:00 | 17:00 – 21:00 |
| Mumbai / Delhi (GMT+5:30) | 18:30 – 22:30 | 17:30 – 21:30 |
| Dhaka (GMT+6) | 19:00 – 23:00 | 18:00 – 22:00 |
| Jakarta / Bangkok (GMT+7) | 20:00 – 00:00 | 19:00 – 23:00 |
| Kuala Lumpur / Manila (GMT+8) | 21:00 – 01:00 | 20:00 – 00:00 |
None of these cities use daylight saving time, so the overlap moves by an hour in local time when the UK and US change their clocks. For traders in Africa, the Middle East and Asia, the best window falls in the afternoon or evening.
The London–New York overlap
For four hours both centres are open. Most major US economic releases, such as Non-Farm Payrolls, CPI and retail sales, come out at 8:30 am New York time, inside this window. Expect:
- tighter spreads on EURUSD, GBPUSD and gold
- larger, faster moves, especially in the first 90 minutes
- sharp spikes on news, which can trigger stops on both sides
Best pairs for each session
| Session | Pairs to focus on | Why |
|---|---|---|
| Tokyo | USDJPY, AUDUSD, AUDJPY | Asian centres drive these; often range-bound |
| London | EURUSD, GBPUSD, EURGBP, XAUUSD | European open brings volume and trends |
| Overlap | XAUUSD, EURUSD, GBPUSD, US indices | Highest liquidity plus US data |
| Late New York | Avoid new trades | Volume fades and spreads widen into the daily rollover |
Trading gold by session
Gold (XAUUSD) often ranges in the Asian session, starts to move at the London open, and makes its biggest swings in the overlap, especially on US data days. Moves of $10 to $30 in a day are common, and more on CPI or NFP. Size every gold trade from your stop loss, not from habit. Our gold lot size guide and calculator show how.
Practical rules for the overlap
- Check the economic calendar before the session. If a high-impact release is due, either trade after it or reduce size.
- Don't enter in the first minute after a release. Spreads can widen sharply and fills can slip.
- Use a stop loss on every trade and keep risk at 0.5% to 2% per trade.
- Stop after two losses in a session. Volatile hours punish revenge trading.
- Avoid opening new positions in the hour before the daily rollover (around 5 pm New York), when spreads are widest.
FAQ
What time does the London session open? At 08:00 GMT in winter and 07:00 GMT in summer (8 am London time all year).
What is the best time to trade forex? The London–New York overlap: 13:00–17:00 GMT in winter, 12:00–16:00 GMT in summer.
What is the best time to trade gold? Usually the London–New York overlap, when liquidity is highest and US data is released. The Asian session is often quieter and range-bound.
Is forex open on weekends? No. The market closes Friday evening New York time and reopens Sunday evening New York time (Monday morning in Asia). Some brokers offer crypto CFDs on weekends.
Why do session times change? The UK, US and Australia use daylight saving time. Most of Asia, Africa and the Middle East don't, so session times shift by an hour in local time twice a year.
Risk warning: Trading forex and CFDs on margin carries a high risk of loss. Information is educational and not personal financial advice. Updated: 24 October 2026.