Gold Monthly Returns Heatmap
Every month of gold since 2000 as a colour heatmap: monthly % returns by year and month, yearly totals, the best and worst months and the average for each calendar month.
Gold monthly returns heatmap, 2000–2026 (% change, month-end close to month-end close)
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +9.3 | +10.6 | -11.4 | -0.4 | -0.8 | -12.1 | +1.7 | +9.1 | -6.6 | -5.3* | -8.7% (YTD) | ||
| 2025 | +6.5 | +1.3 | +9.6 | +6.3 | -0.9 | +0.6 | -0.4 | +6.8 | +10.2 | +3.2 | +6.5 | +2.0 | +64.4% |
| 2024 | -1.1 | +0.3 | +7.9 | +3.9 | +0.9 | +0.7 | +3.7 | +4.2 | +5.2 | +3.4 | -3.4 | -0.6 | +27.5% |
| 2023 | +5.7 | -4.8 | +7.2 | +1.5 | -1.8 | -1.8 | +2.1 | -0.2 | -5.1 | +6.9 | +2.2 | +1.7 | +13.4% |
| 2022 | -1.8 | +5.9 | +2.6 | -1.9 | -3.6 | -1.9 | -2.5 | -2.1 | -3.1 | -1.9 | +6.4 | +4.6 | -0.1% |
| 2021 | -2.5 | -6.4 | -0.9 | +3.1 | +7.6 | -6.9 | +2.3 | +0.3 | -3.4 | +1.5 | -0.6 | +3.1 | -3.5% |
| 2020 | +4.2 | -1.2 | +1.2 | +6.4 | +4.0 | +2.8 | +9.0 | +0.8 | -4.2 | -0.8 | -5.5 | +6.7 | +24.7% |
| 2019 | +3.2 | -0.5 | -1.5 | -0.8 | +1.8 | +8.0 | +1.2 | +6.5 | -3.5 | +3.1 | -3.0 | +3.7 | +18.9% |
| 2018 | +2.5 | -1.8 | +0.6 | -0.5 | -1.2 | -3.8 | -2.2 | -1.9 | -0.7 | +1.7 | +0.7 | +4.8 | -2.1% |
| 2017 | +5.1 | +3.6 | -0.4 | +1.5 | +0.5 | -2.5 | +2.1 | +3.9 | -2.6 | -1.1 | +0.5 | +2.6 | +13.6% |
| 2016 | +5.3 | +10.5 | +0.0 | +4.5 | -5.8 | +8.5 | +2.3 | -3.1 | +0.5 | -3.2 | -7.9 | -1.8 | +8.5% |
| 2015 | +8.0 | -5.2 | -2.4 | -0.1 | +0.6 | -1.5 | -6.5 | +3.4 | -1.4 | +2.3 | -6.6 | -0.5 | -10.4% |
| 2014 | +3.2 | +6.6 | -2.9 | +1.0 | -3.9 | +6.1 | -3.1 | +0.4 | -5.9 | -3.3 | +0.4 | +0.7 | -1.5% |
| 2013 | -0.8 | -5.0 | +1.1 | -7.7 | -5.4 | -12.1 | +7.2 | +6.4 | -5.0 | -0.2 | -5.5 | -3.9 | -28.2% |
| 2012 | +11.0 | -1.6 | -2.4 | -0.4 | -6.1 | +2.6 | +0.4 | +4.6 | +5.1 | -3.0 | -0.4 | -2.1 | +7.0% |
| 2011 | -6.1 | +5.7 | +2.1 | +8.1 | -1.3 | -2.2 | +8.4 | +12.3 | -11.4 | +6.4 | +1.2 | -10.3 | +10.2% |
| 2010 | -1.1 | +3.3 | -0.4 | +6.0 | +2.7 | +2.7 | -5.1 | +5.6 | +4.8 | +3.8 | +2.1 | +2.6 | +29.8% |
| 2009 | +4.9 | +1.5 | -2.0 | -3.5 | +9.9 | -5.3 | +2.9 | -0.2 | +5.9 | +3.1 | +13.6 | -7.3 | +23.9% |
| 2008 | +10.5 | +5.4 | -5.8 | -5.8 | +2.8 | +4.4 | -1.3 | -9.3 | +5.4 | -18.0 | +13.9 | +8.3 | +5.8% |
| 2007 | +2.6 | +2.7 | -1.0 | +2.6 | -2.9 | -2.0 | +2.9 | +0.9 | +10.4 | +6.6 | -1.2 | +6.7 | +31.4% |
| 2006 | +10.4 | -1.6 | +3.6 | +12.0 | -1.4 | -4.5 | +3.4 | -1.3 | -4.4 | +0.9 | +7.1 | -1.8 | +22.8% |
| 2005 | -3.6 | +3.5 | -1.8 | +1.5 | -4.3 | +4.7 | -1.4 | +0.9 | +8.1 | -0.8 | +6.3 | +4.5 | +18.2% |
| 2004 | -3.2 | -1.4 | +7.8 | -9.4 | +1.8 | -0.4 | -0.4 | +5.0 | +2.0 | +2.3 | +5.3 | -3.1 | +5.2% |
| 2003 | +6.0 | -4.9 | -4.1 | +1.0 | +7.5 | -5.1 | +2.3 | +6.1 | +2.6 | -0.2 | +3.2 | +4.8 | +19.6% |
| 2002 | +1.2 | +5.2 | +2.0 | +2.1 | +5.7 | -4.0 | -3.3 | +3.0 | +3.7 | -1.8 | -0.4 | +9.7 | +24.7% |
| 2001 | -2.4 | +0.5 | -3.3 | +2.4 | +0.5 | +2.0 | -1.6 | +3.1 | +6.6 | -4.4 | -2.0 | +1.8 | +2.5% |
| 2000 | -1.7 | -3.2 | +2.0 | +0.7 | -2.3% (Sep–Dec) | ||||||||
| Average | +3.0 | +1.2 | +0.2 | +1.3 | +0.3 | -0.9 | +0.9 | +2.5 | +0.4 | +0.1 | +1.3 | +1.4 | |
| Up % | 65% | 58% | 46% | 62% | 50% | 42% | 58% | 73% | 48% | 50% | 58% | 65% |
Green = month closed higher, red = lower; darker = bigger move (full colour at ±8%). * = month to date. Year column = December close to December close. Scroll sideways on a phone.
Average by calendar month (all completed years, 2000–2026)
| Month | Average | Median | Up years | Best | Worst |
|---|---|---|---|---|---|
| January | +2.95% | +3.21% | 17 of 26 | 2012: +11.0% | 2011: -6.1% |
| February | +1.23% | +0.87% | 15 of 26 | 2026: +10.6% | 2021: -6.4% |
| March | +0.21% | -0.44% | 12 of 26 | 2025: +9.6% | 2026: -11.4% |
| April | +1.28% | +1.49% | 16 of 26 | 2006: +12.0% | 2004: -9.4% |
| May | +0.27% | -0.16% | 13 of 26 | 2009: +9.9% | 2012: -6.1% |
| June | -0.87% | -1.63% | 11 of 26 | 2016: +8.5% | 2013: -12.1% |
| July | +0.93% | +1.43% | 15 of 26 | 2020: +9.0% | 2015: -6.5% |
| August | +2.50% | +3.06% | 19 of 26 | 2011: +12.3% | 2008: -9.3% |
| September | +0.43% | -0.73% | 13 of 27 | 2007: +10.4% | 2011: -11.4% |
| October | +0.13% | +0.35% | 13 of 26 | 2023: +6.9% | 2008: -18.0% |
| November | +1.33% | +0.57% | 15 of 26 | 2008: +13.9% | 2016: -7.9% |
| December | +1.45% | +1.89% | 17 of 26 | 2002: +9.7% | 2011: -10.3% |
Source: COMEX gold futures (GC=F) daily settlements via Yahoo Finance, month-end closes. Data updated . Updates automatically several times a day.
Every month of gold since 2000, in one table
This heatmap shows the actual percentage change of gold in every month from September 2000 to September 2026: 313 completed months, 176 of them higher (56%). The best single month was November 2008 at +13.87% and the worst October 2008 at -18.01%, back to back. Read across a row to see how one year unfolded, or down a column to see how one calendar month has behaved year after year.
Key numbers from the data
- Calendar months. The highest average was January (+2.95%, higher in 17 of 26 years), then August (+2.50%). The lowest was June (-0.87%, higher in only 11 of 26 years).
- Most consistent month. August closed higher 19 times in 26 years (73%).
- Years. Of the 25 full calendar years from 2001 to 2025, gold rose in 19. The best was 2025 (+64.4%) and the worst 2013 (-28.2%).
- Longest winning streak. 9 months in a row closed higher, ending in October 2024.
- The five biggest moves either way: October 2008 (-18.0%), November 2008 (+13.9%), November 2009 (+13.6%), August 2011 (+12.3%), June 2013 (-12.1%).
How this differs from gold seasonality
Our gold seasonality tool answers "what does a typical month look like?" using the last ten completed years: averages, medians and up-years for each calendar month. This heatmap answers a different question: what actually happened in every single month since 2000? It keeps every observation visible, so you can see whether a strong average comes from steady gains or from one or two huge months, and how a calendar month behaved in rate-hike years, crisis years and quiet years.
How to read the heatmap
- Each cell is the month's return: (month-end close ÷ previous month-end close − 1) × 100.
- The Year column compounds the twelve months: December close to December close. 2000 starts in September because the daily futures series starts at the end of August 2000; 2026 is year to date.
- The Average and Up % rows at the bottom summarise each column over all completed years.
- Hover over (or tap) a cell to see the exact figure.
Method and data source
Month-end closes come from the daily settlement prices of the continuous COMEX gold futures contract (GC=F) via Yahoo Finance, the same series behind our gold price history pages. The daily series starts at the end of August 2000, so the first full monthly return is September 2000. The page is rebuilt automatically with the site's data refresh, so the current month updates as it develops and is only counted in the averages once it ends. Futures track spot XAUUSD closely; the continuous contract rolls between delivery months, which can make a month's figure differ from spot by a fraction of a percent.
What traders can do with it
- Set realistic expectations. A month of 18% against you has happened. Size positions so a month like that is survivable; the drawdown recovery calculator shows what a deep drop costs.
- Check a seasonal idea against every year. If someone claims "January is always good for gold", count the red cells in that column first, then read our best month for gold guide.
- Add context. Big months line up with big macro moments: compare them with the gold price history, the real yields and dollar tracker and the economic calendar.
Timing and sizing only help if the method itself holds up. Our gold trading strategies, tested and gold indicator settings, tested hubs show how named strategies and indicator settings actually performed on real XAUUSD data with costs, including the losing streaks.
Want to talk this through with other gold traders? The XAUUSD Global community reviews charts and plans live every day: first month free, then $19.99 a month.
Frequently asked questions
What is the best month for gold historically?
Since 2000, January has had the highest average return (+2.95%, higher in 17 of 26 years), followed by August (+2.50%). That is history, not a forecast: every month has had losing years.
What is the worst month for gold?
By average since 2000, June (-0.87%, up in 11 of 26 years). The worst single month was October 2008 at -18.01%.
How often does gold go up in a month?
176 of the 313 completed months from September 2000 to September 2026 closed higher, about 56%.
What was gold's best and worst year since 2000?
Among full calendar years from 2001 to 2025, the best was 2025 (+64.4%) and the worst 2013 (-28.2%), December close to December close of COMEX gold futures.
How is this different from the gold seasonality page?
Seasonality summarises the typical month over the last ten years. The heatmap shows every actual month since 2000, so you can see the spread behind each average.
Where does the data come from?
Month-end daily settlement prices of COMEX gold futures (GC=F) from Yahoo Finance, refreshed automatically. Futures track spot XAUUSD closely but are not identical.
Educational tool only. Not financial advice and not a signal. Check your own broker's contract specification, margin rules and costs. Past data does not predict future prices. See our risk disclaimer.