How to Buy Gold on the World Market
Five gold markets comprise the major buying and selling of gold in the world. They are located in New York, London, Hong Kong, Sydney and Zurich. Though the price of gold is set twice each day by the London market, the gold markets are operating almost around the clock due to the various time zones.
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Types of Gold Investments
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Decide the form of gold you want to buy. Coins and gold bars, also called bullions, are considered long term investments to store. You can also buy stock in a publicly traded gold company. This is considered a volatile stock purchase because of the volatility of gold prices, and is usually done through a broker.
New York Market
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The New York gold market is open from 8 a.m. to 2 p.m EST on Monday through Thursday and 8 a.m. to 7 p.m. on Sunday. This gold trading is done in US dollars. There are after-hours options for trading gold stock electronically that are open from the time the market closes until it opens again.
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London Market
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This trading is done in British Pounds and then converted to your currency of choice. The price of gold is fixed here twice a day. The market is open from 8:30 a.m. to 4 p.m. local time.
Zurich and Hong Kong Markets
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This market is open from 8 a.m. to 5 p.m. local time. The Euro is the currency used to trade gold here. In Hong Kong the trading is done with the Hong Kong dollar from 8:30 a.m. to 12:30 p.m. and from 2:30 p.m. to 5:30 p.m. local time.
Sydney Market
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The Australian dollar is used here. Sydney is considered a "bridge" market because it opens as soon as the New York market closes and is still open when the Hong Kong market first opens. This equals a continuity in gold prices for buyers and sellers. The market is open from 9 a.m. to 3 p.m. Sydney time.
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