THE SHORT ANSWER
This table measures annual-average change, not a December closing-price return
GoldObserve averages the World Bank's monthly gold values inside each calendar year, then compares that average with the prior year's average. This is useful for long-run economic comparisons because it reduces dependence on one endpoint. It is not the return earned by buying at a prior December close and selling at the next December close. The distinction is material around rapid turning points.
Largest annual-average increase in this series.
Largest annual-average decrease.
7 months in 2026; partial.
Not daily end-of-year closes.
ANNUAL RETURN SEGMENT LAB
Did the center and spread stay the same across fixed historical segments?
Every dot is one complete calendar year. Compare the median, positive frequency and full spread across four fixed blocks, then inspect an exact year with pointer, touch or keyboard. The blocks make differences visible; they do not explain why those differences occurred.
Change versus the prior annual average.
Rank 1 of 6 complete results.
Average of 12 World Bank monthly averages.
Reading boundary: horizontal position is the annual-average change; small vertical offsets only prevent dots from overlapping and carry no statistical meaning. The four calendar blocks are fixed comparison bins. They do not isolate policy, inflation, rates, currencies or any other cause.
| Segment | Complete years | Average change | Median change | Positive frequency | Worst year | Best year |
|---|---|---|---|---|---|---|
| 1960–1979 | 19 | +14.6% | +1.0% | 52.6% | 1976 / -22.4% | 1973 / +67.3% |
| 1980–1999 | 20 | +1.7% | -3.6% | 45.0% | 1981 / -24.4% | 1980 / +98.2% |
| 2000–2019 | 20 | +9.2% | +9.2% | 80.0% | 2013 / -15.4% | 2006 / +35.9% |
| 2020–latest (shorter) | 6 | +17.3% | +15.4% | 100.0% | 2022 / +0.1% | 2025 / +44.1% |
ANNUAL LEVEL × PATH RISK MAP
A higher annual average can still hide a difficult path inside the year
Compare each complete year's average-price change with its deepest decline from an earlier monthly-average peak inside that year. Select any observation with pointer, touch or arrow keys, then download or share the exact evidence. This separates a broad annual level from the path a user would have had to endure.
Each year contains all 12 monthly averages.
31.7% of higher-average years.
Annual-average change +98.2%.
How to read it: moving right means the year's average price was higher than the prior year's average. Moving down means a deeper decline from an earlier monthly-average peak inside that same calendar year. The axes answer different questions, so a point in the lower-right is not contradictory.
| Year | Annual average | Change vs. prior annual average | Within-year maximum drawdown | Drawdown peak | Drawdown trough |
|---|---|---|---|---|---|
| 2025 | $3,441.50 | +44.1% | -0.4% | 2025-06 / $3,353.00 | 2025-07 / $3,340.00 |
| 2024 | $2,387.58 | +22.9% | -1.6% | 2024-10 / $2,690.00 | 2024-12 / $2,648.00 |
| 2023 | $1,942.75 | +7.9% | -4.2% | 2023-04 / $2,000.00 | 2023-09 / $1,916.00 |
| 2022 | $1,800.75 | +0.1% | -14.6% | 2022-03 / $1,948.00 | 2022-10 / $1,664.00 |
| 2021 | $1,799.58 | +1.7% | -8.0% | 2021-01 / $1,867.00 | 2021-03 / $1,718.00 |
| 2020 | $1,770.25 | +27.1% | -5.6% | 2020-08 / $1,969.00 | 2020-12 / $1,858.00 |
| 2019 | $1,392.58 | +9.7% | -2.7% | 2019-02 / $1,320.00 | 2019-05 / $1,284.00 |
| 2018 | $1,269.25 | +0.9% | -10.3% | 2018-04 / $1,335.00 | 2018-09 / $1,198.00 |
| 2017 | $1,257.50 | +0.7% | -3.8% | 2017-09 / $1,314.00 | 2017-12 / $1,264.00 |
| 2016 | $1,249.00 | +7.6% | -13.7% | 2016-08 / $1,340.00 | 2016-12 / $1,157.00 |
| 2015 | $1,160.75 | -8.3% | -14.0% | 2015-01 / $1,251.00 | 2015-12 / $1,076.00 |
| 2014 | $1,265.58 | -10.3% | -12.1% | 2014-03 / $1,336.00 | 2014-11 / $1,175.00 |
| 2013 | $1,411.67 | -15.4% | -26.9% | 2013-01 / $1,672.00 | 2013-12 / $1,222.00 |
| 2012 | $1,669.58 | +6.4% | -8.9% | 2012-02 / $1,745.00 | 2012-05 / $1,589.00 |
| 2011 | $1,569.17 | +28.1% | -7.4% | 2011-09 / $1,772.00 | 2011-12 / $1,640.00 |
| 2010 | $1,224.67 | +25.9% | -3.2% | 2010-06 / $1,233.00 | 2010-07 / $1,193.00 |
| 2009 | $973.00 | +11.6% | -5.6% | 2009-02 / $943.00 | 2009-04 / $890.00 |
| 2008 | $871.75 | +25.1% | -21.4% | 2008-03 / $968.00 | 2008-11 / $761.00 |
| 2007 | $696.67 | +15.3% | -3.4% | 2007-04 / $679.00 | 2007-06 / $656.00 |
| 2006 | $604.42 | +35.9% | -13.2% | 2006-05 / $675.00 | 2006-10 / $586.00 |
| 2005 | $444.83 | +8.7% | -2.8% | 2005-03 / $434.00 | 2005-05 / $422.00 |
| 2004 | $409.17 | +12.5% | -7.2% | 2004-01 / $414.00 | 2004-05 / $384.00 |
| 2003 | $363.58 | +17.3% | -8.6% | 2003-02 / $359.00 | 2003-04 / $328.00 |
| 2002 | $310.00 | +14.5% | -3.4% | 2002-06 / $321.00 | 2002-08 / $310.00 |
| 2001 | $270.83 | -2.9% | -2.5% | 2001-09 / $283.00 | 2001-11 / $276.00 |
| 2000 | $279.00 | +0.1% | -11.3% | 2000-02 / $300.00 | 2000-11 / $266.00 |
| 1999 | $278.75 | -5.2% | -10.8% | 1999-01 / $287.00 | 1999-07 / $256.00 |
| 1998 | $294.08 | -11.2% | -7.8% | 1998-04 / $308.00 | 1998-08 / $284.00 |
| 1997 | $331.17 | -14.6% | -18.6% | 1997-01 / $355.00 | 1997-12 / $289.00 |
| 1996 | $387.58 | +0.9% | -8.9% | 1996-02 / $405.00 | 1996-12 / $369.00 |
| 1995 | $384.17 | +0.1% | -2.0% | 1995-04 / $391.00 | 1995-09 / $383.00 |
| 1994 | $383.92 | +6.7% | -3.3% | 1994-09 / $392.00 | 1994-12 / $379.00 |
| 1993 | $359.67 | +4.7% | -9.4% | 1993-07 / $392.00 | 1993-09 / $355.00 |
| 1992 | $343.67 | -5.1% | -5.4% | 1992-01 / $354.00 | 1992-11 / $335.00 |
| 1991 | $362.25 | -5.5% | -9.1% | 1991-01 / $384.00 | 1991-09 / $349.00 |
| 1990 | $383.50 | +0.5% | -15.6% | 1990-02 / $417.00 | 1990-06 / $352.00 |
| 1989 | $381.42 | -12.7% | -10.4% | 1989-01 / $404.00 | 1989-09 / $362.00 |
| 1988 | $437.08 | -2.1% | -14.7% | 1988-01 / $477.00 | 1988-10 / $407.00 |
| 1987 | $446.42 | +21.4% | -2.2% | 1987-05 / $460.00 | 1987-06 / $450.00 |
| 1986 | $367.75 | +15.6% | -7.8% | 1986-10 / $424.00 | 1986-12 / $391.00 |
| 1985 | $318.00 | -11.8% | -3.4% | 1985-04 / $327.00 | 1985-05 / $316.00 |
| 1984 | $360.50 | -14.7% | -18.8% | 1984-03 / $394.00 | 1984-12 / $320.00 |
| 1983 | $422.58 | +12.5% | -22.2% | 1983-02 / $491.00 | 1983-11 / $382.00 |
| 1982 | $375.75 | -18.3% | -18.0% | 1982-01 / $384.00 | 1982-06 / $315.00 |
| 1981 | $459.75 | -24.4% | -26.6% | 1981-01 / $557.00 | 1981-07 / $409.00 |
| 1980 | $607.83 | +98.2% | -23.9% | 1980-01 / $675.00 | 1980-05 / $514.00 |
| 1979 | $306.75 | +58.8% | -2.8% | 1979-02 / $246.00 | 1979-04 / $239.00 |
| 1978 | $193.17 | +30.8% | -9.3% | 1978-10 / $227.00 | 1978-11 / $206.00 |
| 1977 | $147.67 | +18.3% | -5.4% | 1977-04 / $149.00 | 1977-06 / $141.00 |
| 1976 | $124.83 | -22.4% | -17.3% | 1976-03 / $133.00 | 1976-08 / $110.00 |
| 1975 | $160.92 | +1.0% | -22.8% | 1975-02 / $180.00 | 1975-12 / $139.00 |
| 1974 | $159.25 | +63.6% | -16.9% | 1974-04 / $172.00 | 1974-07 / $143.00 |
| 1973 | $97.33 | +67.3% | -20.8% | 1973-06 / $120.00 | 1973-11 / $95.00 |
| 1972 | $58.17 | +42.2% | -6.0% | 1972-08 / $67.00 | 1972-11 / $63.00 |
| 1971 | $40.92 | +14.2% | -2.4% | 1971-05 / $41.00 | 1971-06 / $40.00 |
| 1970 | $35.83 | -12.4% | -2.8% | 1970-04 / $36.00 | 1970-06 / $35.00 |
| 1969 | $40.92 | +5.1% | -18.6% | 1969-02 / $43.00 | 1969-12 / $35.00 |
| 1968 | $38.92 | +11.2% | -4.9% | 1968-05 / $41.00 | 1968-07 / $39.00 |
| 1967 | $35.00 | +0.0% | +0.0% | 1967-01 / $35.00 | 1967-01 / $35.00 |
| 1966 | $35.00 | +0.0% | +0.0% | 1966-01 / $35.00 | 1966-01 / $35.00 |
| 1965 | $35.00 | +0.0% | +0.0% | 1965-01 / $35.00 | 1965-01 / $35.00 |
| 1964 | $35.00 | +0.0% | +0.0% | 1964-01 / $35.00 | 1964-01 / $35.00 |
| 1963 | $35.00 | +0.0% | +0.0% | 1963-01 / $35.00 | 1963-01 / $35.00 |
| 1962 | $35.00 | +0.0% | +0.0% | 1962-01 / $35.00 | 1962-01 / $35.00 |
| 1961 | $35.00 | +0.0% | +0.0% | 1961-01 / $35.00 | 1961-01 / $35.00 |
Source: World Bank monthly-average nominal USD gold. Annual-average change and within-year maximum drawdown are GoldObserve calculations from the locally versioned observations.
INTERACTIVE ANNUAL HISTORY
Inspect the size and direction of annual-average changes
Switch between 20 years, 40 years and the complete sample. Positive and negative values are calculated from the local annual averages. Hover, touch or use the keyboard crosshair to inspect a year.
Crosshairs snap to a calculated observation. Monthly averages smooth intramonth highs, lows and drawdowns; this chart is not a daily close series. Historical windows overlap and are not independent forecasts.
Source: World Bank Commodity Price Data (The Pink Sheet), monthly nominal USD per troy ounce, CC BY 4.0. GoldObserve serves the bundled local series; page loads do not download the upstream workbook.
YEAR × MONTH RETURN HEATMAP
See clusters, reversals and missing months without collapsing a year to one number
Each cell is the percentage change between strictly adjacent World Bank monthly averages. Switch the visible history, then use pointer, touch, Tab or arrow keys to inspect the exact ending month.
Each cell compares one World Bank monthly average with the strictly adjacent prior month. The heatmap exposes regime clusters and reversals; it does not create a seasonal forecast.
Source: World Bank Commodity Price Data (The Pink Sheet), local monthly nominal USD per troy ounce. Source workbook updated 2026-08-04; retrieved 2026-08-07. These charts describe history and are not price forecasts.
COMPLETE YEAR TABLE
Annual average, change and monthly range
| Year | Months | Annual average | Change vs. prior average | Lowest monthly average | Highest monthly average | Status |
|---|---|---|---|---|---|---|
| 2026 | 7 | $4,605.43 | +33.8% | $4,073.00 | $5,020.00 | Partial |
| 2025 | 12 | $3,441.50 | +44.1% | $2,710.00 | $4,309.00 | Complete |
| 2024 | 12 | $2,387.58 | +22.9% | $2,023.00 | $2,690.00 | Complete |
| 2023 | 12 | $1,942.75 | +7.9% | $1,855.00 | $2,026.00 | Complete |
| 2022 | 12 | $1,800.75 | +0.1% | $1,664.00 | $1,948.00 | Complete |
| 2021 | 12 | $1,799.58 | +1.7% | $1,718.00 | $1,867.00 | Complete |
| 2020 | 12 | $1,770.25 | +27.1% | $1,561.00 | $1,969.00 | Complete |
| 2019 | 12 | $1,392.58 | +9.7% | $1,284.00 | $1,511.00 | Complete |
| 2018 | 12 | $1,269.25 | +0.9% | $1,198.00 | $1,335.00 | Complete |
| 2017 | 12 | $1,257.50 | +0.7% | $1,192.00 | $1,314.00 | Complete |
| 2016 | 12 | $1,249.00 | +7.6% | $1,098.00 | $1,340.00 | Complete |
| 2015 | 12 | $1,160.75 | -8.3% | $1,076.00 | $1,251.00 | Complete |
| 2014 | 12 | $1,265.58 | -10.3% | $1,175.00 | $1,336.00 | Complete |
| 2013 | 12 | $1,411.67 | -15.4% | $1,222.00 | $1,672.00 | Complete |
| 2012 | 12 | $1,669.58 | +6.4% | $1,589.00 | $1,747.00 | Complete |
| 2011 | 12 | $1,569.17 | +28.1% | $1,360.00 | $1,772.00 | Complete |
| 2010 | 12 | $1,224.67 | +25.9% | $1,095.00 | $1,391.00 | Complete |
| 2009 | 12 | $973.00 | +11.6% | $859.00 | $1,135.00 | Complete |
| 2008 | 12 | $871.75 | +25.1% | $761.00 | $968.00 | Complete |
| 2007 | 12 | $696.67 | +15.3% | $631.00 | $806.00 | Complete |
| 2006 | 12 | $604.42 | +35.9% | $550.00 | $675.00 | Complete |
| 2005 | 12 | $444.83 | +8.7% | $422.00 | $510.00 | Complete |
| 2004 | 12 | $409.17 | +12.5% | $384.00 | $442.00 | Complete |
| 2003 | 12 | $363.58 | +17.3% | $328.00 | $407.00 | Complete |
| 2002 | 12 | $310.00 | +14.5% | $282.00 | $332.00 | Complete |
| 2001 | 12 | $270.83 | -2.9% | $260.00 | $283.00 | Complete |
| 2000 | 12 | $279.00 | +0.1% | $266.00 | $300.00 | Complete |
| 1999 | 12 | $278.75 | -5.2% | $256.00 | $311.00 | Complete |
| 1998 | 12 | $294.08 | -11.2% | $284.00 | $308.00 | Complete |
| 1997 | 12 | $331.17 | -14.6% | $289.00 | $355.00 | Complete |
| 1996 | 12 | $387.58 | +0.9% | $369.00 | $405.00 | Complete |
| 1995 | 12 | $384.17 | +0.1% | $377.00 | $391.00 | Complete |
| 1994 | 12 | $383.92 | +6.7% | $377.00 | $392.00 | Complete |
| 1993 | 12 | $359.67 | +4.7% | $329.00 | $392.00 | Complete |
| 1992 | 12 | $343.67 | -5.1% | $335.00 | $354.00 | Complete |
| 1991 | 12 | $362.25 | -5.5% | $349.00 | $384.00 | Complete |
| 1990 | 12 | $383.50 | +0.5% | $352.00 | $417.00 | Complete |
| 1989 | 12 | $381.42 | -12.7% | $362.00 | $409.00 | Complete |
| 1988 | 12 | $437.08 | -2.1% | $407.00 | $477.00 | Complete |
| 1987 | 12 | $446.42 | +21.4% | $401.00 | $486.00 | Complete |
| 1986 | 12 | $367.75 | +15.6% | $339.00 | $424.00 | Complete |
| 1985 | 12 | $318.00 | -11.8% | $299.00 | $330.00 | Complete |
| 1984 | 12 | $360.50 | -14.7% | $320.00 | $394.00 | Complete |
| 1983 | 12 | $422.58 | +12.5% | $382.00 | $491.00 | Complete |
| 1982 | 12 | $375.75 | -18.3% | $315.00 | $445.00 | Complete |
| 1981 | 12 | $459.75 | -24.4% | $409.00 | $557.00 | Complete |
| 1980 | 12 | $607.83 | +98.2% | $514.00 | $675.00 | Complete |
| 1979 | 12 | $306.75 | +58.8% | $227.00 | $455.00 | Complete |
| 1978 | 12 | $193.17 | +30.8% | $173.00 | $227.00 | Complete |
| 1977 | 12 | $147.67 | +18.3% | $132.00 | $162.00 | Complete |
| 1976 | 12 | $124.83 | -22.4% | $110.00 | $134.00 | Complete |
| 1975 | 12 | $160.92 | +1.0% | $139.00 | $180.00 | Complete |
| 1974 | 12 | $159.25 | +63.6% | $129.00 | $184.00 | Complete |
| 1973 | 12 | $97.33 | +67.3% | $65.00 | $120.00 | Complete |
| 1972 | 12 | $58.17 | +42.2% | $46.00 | $67.00 | Complete |
| 1971 | 12 | $40.92 | +14.2% | $38.00 | $43.00 | Complete |
| 1970 | 12 | $35.83 | -12.4% | $35.00 | $38.00 | Complete |
| 1969 | 12 | $40.92 | +5.1% | $35.00 | $43.00 | Complete |
| 1968 | 12 | $38.92 | +11.2% | $36.00 | $41.00 | Complete |
| 1967 | 12 | $35.00 | +0.0% | $35.00 | $35.00 | Complete |
| 1966 | 12 | $35.00 | +0.0% | $35.00 | $35.00 | Complete |
| 1965 | 12 | $35.00 | +0.0% | $35.00 | $35.00 | Complete |
| 1964 | 12 | $35.00 | +0.0% | $35.00 | $35.00 | Complete |
| 1963 | 12 | $35.00 | +0.0% | $35.00 | $35.00 | Complete |
| 1962 | 12 | $35.00 | +0.0% | $35.00 | $35.00 | Complete |
| 1961 | 12 | $35.00 | +0.0% | $35.00 | $35.00 | Complete |
| 1960 | 12 | $35.00 | Not available | $35.00 | $35.00 | Complete |
WHY DEFINITIONS DIFFER
Three legitimate annual statistics answer three different questions
Search results often label all three as “annual gold returns.” GoldObserve does not substitute one for another. Use the investment return calculator for actual premiums, fees and exit assumptions.
INTERPRETATION
Large annual changes cluster around unusual regimes, but the table does not prove cause
A high or low year can coincide with inflation shocks, changing real yields, currency moves, geopolitical stress, investment flows or market-structure changes. The annual table measures the outcome; it does not identify an independent causal effect. A proper causal claim needs matched explanatory data, timing logic and awareness that several drivers can move together.
Also avoid averaging percentages to estimate a multi-year compounded return. Calculate multi-year performance from the starting and ending price observations, or compound each year in sequence. Arithmetic averages ignore compounding and can overstate the growth rate of a volatile path.
Source and statistical limitsWorld Bank monthly history · CC BY 4.0
SOURCE, LICENSE & REPRODUCIBILITY
The statistics use one consistent monthly series
The source is the World Bank Commodity Price Data (The Pink Sheet), licensed CC BY 4.0. The workbook was published 2026-08-04, retrieved 2026-08-07, and recorded with SHA-256 7902a77505ebdc5d202ce65f666c2ee1b04b626f042d7738ed3e6f7d112c8433.
The values are monthly averages in nominal US dollars per troy ounce. They are not London auction prices, daily closes, intraday highs or executable dealer quotes.
CONTINUE THE RESEARCH
Keep monthly long-run statistics separate from recent daily data
FREQUENTLY ASKED QUESTIONS
Questions about this historical statistic
Are these standard calendar-year gold returns?
No. The page calculates the percentage change between one year's average of monthly averages and the prior year's average. It does not claim to be a December-end daily-close return.
Why use annual averages?
Annual averages reduce dependence on one day and match the source's monthly frequency, but they smooth turning points and are not a realizable purchase-and-sale path.
Is 2026 a complete annual result?
No. The 2026 average uses only the months currently published by the source and is labelled partial. Its change can move when later months are added or the source revises observations.
Do annual-average changes include inflation?
No. They are nominal US dollar changes. Inflation-adjusted results require a matched price index and a separately stated method.
Can the best historical year be used as an expected return?
No. Ranking historical changes describes this sample and can exaggerate unusual periods. It is not a forecast or expected-return estimate.