goldprice.devGold's longest drawdown since 1996 began on 22 August 2011 at $1,909.37 an ounce. It hit $1,053.05 on 17 December 2015, down 44.8%. Gold next closed above the 2011 peak on 26 July 2020: 3,261 days, almost nine years, from peak to new high.
All gold drawdowns of 10% or more since 1996
| Peak close | Lowest close | Fall | Peak to low | New high | Peak to new high |
|---|---|---|---|---|---|
| $1,909.37, 22 Aug 2011 | $1,053.05, 17 Dec 2015 | -44.8% | 1,578 days | 26 Jul 2020 | 3,261 days |
| $415.25, 2 Feb 1996 | $252.35, 25 Aug 1999 | -39.2% | 1,300 days | 30 Dec 2003 | 2,888 days |
| $1,015.05, 16 Mar 2008 | $712.15, 12 Nov 2008 | -29.8% | 241 days | 16 Sep 2009 | 549 days |
| $5,513.43, 28 Jan 2026 | $3,986.07, 16 Jul 2026 | -27.7% | 169 days | Not yet (latest 22 Oct 2026) | – |
| $717.35, 11 May 2006 | $554.75, 14 Jun 2006 | -22.7% | 34 days | 18 Sep 2007 | 495 days |
| $2,069.45, 6 Aug 2020 | $1,627.10, 20 Oct 2022 | -21.4% | 805 days | 1 Dec 2023 | 1,212 days |
| $1,220.28, 2 Dec 2009 | $1,063.30, 8 Feb 2010 | -12.9% | 68 days | 11 May 2010 | 160 days |
| $428.20, 12 Jan 2004 | $375.00, 10 May 2004 | -12.4% | 119 days | 25 Oct 2004 | 287 days |
Measuring the drawdowns
A drawdown begins when a daily close sets a new high in our data. It ends at the next close above that high. Depth is the drop from that high to the lowest close between them. We show every drawdown of 10% or more since our daily series began on 2 January 1996. Prices are daily closes in US dollars per troy ounce, rather than intraday highs and lows.
We count calendar days. Peak to low measures the fall's length; peak to new high measures a buyer's wait to break even after buying at the top, before costs.
Two long waits: 1996 and 2011
Two drawdowns spanned most of a decade. The first was under way when our data begins: gold closed at $415.25 on 2 February 1996, dropped 39.2% to $252.35 by 25 August 1999, then next closed above $415.25 on 30 December 2003, 2,888 days later.
The second lasted longest in the series. From the August 2011 high, gold fell for 1,578 days to the December 2015 low, then took another 1,683 days to recover. No new record close came between 2012 and 2019.
Deep drops with faster recoveries
A deep fall need not last long. In 2008 gold dropped 29.8% in 241 days, from $1,015.05 on 16 March to $712.15 on 12 November. It reached a new high on 16 September 2009, 549 days after the peak. In 2006 it fell 22.7% in 34 days, between 11 May and 14 June, and recovered by 18 September 2007.
After the August 2020 high, gold fell a smaller 21.4% to $1,627.10 on 20 October 2022. Reaching a new high took 1,212 days, until 1 December 2023.
Recovery from the lowest close
Recoveries were shorter when counted from the lowest close. Gold reached a new high 308 days after the 2008 low, 407 days after the October 2022 low, and just 92 after the February 2010 low. The slow cases were the 1999 low, with 1,588 days to a new high, and the December 2015 low, with 1,683 days.
Smaller drops happen often and pass quickly. Since 1996 there were 22 drawdowns of 5% or more. The 21 that recovered had a median wait of 86 days from peak to new high. The median was 549 days for falls of 10% or more, and 1,212 days for falls of 20% or more.
Gold falls by depth and frequency
| Fall of at least | Drawdowns | Recovered | Median days to new high | Longest |
|---|---|---|---|---|
| 5% | 22 | 21 | 86 | 3,261 days |
| 10% | 8 | 7 | 549 | 3,261 days |
| 20% | 6 | 5 | 1,212 | 3,261 days |
| 30% | 2 | 2 | 3,075 | 3,261 days |
| 40% | 1 | 1 | 3,261 | 3,261 days |
How often gold was below a record
Gold usually trades below its most recent record. As of 16 October 2026, our data included 9,067 daily closes from 2 January 1996. Just 7.7% were within 1% of the record close at the time. 61.4% were at least 10% below it, 40.6% at least 20% below and 27.9% at least 30% below.
The share varies by decade. From 1996 to 1999, 77.1% of closes were at least 10% below the record. In the 2010s it was 78.8%, due to the long decline after 2011. The share was 51.1% in the 2000s and is 41.0% in the 2020s so far.
The steepest short drops
Some drops happen in weeks. Across 20 daily closes, the biggest was 20.6%, from $918.70 on 9 October 2008 to $729.55 on 2 November 2008. Next were 16.3% from 21 March to 15 April 2013, 16.0% from 22 July to 14 August 2008, 15.9% from 27 February to 23 March 2026 and 15.7% from 22 May to 14 June 2006.
The biggest drop from one close to the next was 10.0% on 30 January 2026, from $5,438.57 to $4,895.44, two days after the record close. Next were 9.3% on 15 April 2013 and 7.4% on 10 October 2008.
Pullbacks in the 2024 and 2025 rally
Gold had pullbacks even in the years with the most record closes. From 30 October 2024 it dropped 8.0% to $2,563.22 on 15 November, taking 92 days to reach a new high. From 16 October 2025 it fell 9.9% to $3,934.60 on 4 November 2025, then set a record close on 22 December 2025, 67 days after the peak.
Each year's biggest fall
The third table treats each calendar year separately, showing its biggest drop from a close to a later close that year. Across the 30 full years from 1996 to 2025, the median was 13.5%. The calmest year, 2019, still saw a 6.3% fall, from $1,551.33 on 4 September to $1,453.98 on 25 November.
The biggest falls came in 2008, at 29.8%, and 2013, at 29.6%, when gold dropped from $1,692.85 on 22 January to $1,191.78 on 19 December. 2026 follows closely at 27.7%. Gold fell 23.5% between 1 January and 9 December in 1997, and 20.4% between 8 March and 20 October in 2022.
Each year's largest fall
| Year | Largest fall | From | To |
|---|---|---|---|
| 2026 | -27.7% | $5,513.43, 28 Jan 2026 | $3,986.07, 16 Jul 2026 |
| 2025 | -9.9% | $4,365.82, 16 Oct 2025 | $3,934.60, 4 Nov 2025 |
| 2024 | -8.0% | $2,785.51, 30 Oct 2024 | $2,563.22, 15 Nov 2024 |
| 2023 | -11.2% | $2,052.00, 3 May 2023 | $1,821.34, 5 Oct 2023 |
| 2022 | -20.4% | $2,043.84, 8 Mar 2022 | $1,627.10, 20 Oct 2022 |
| 2021 | -13.6% | $1,950.38, 5 Jan 2021 | $1,684.78, 8 Mar 2021 |
| 2020 | -14.0% | $2,069.45, 6 Aug 2020 | $1,778.88, 30 Nov 2020 |
| 2019 | -6.3% | $1,551.33, 4 Sep 2019 | $1,453.98, 25 Nov 2019 |
| 2018 | -13.4% | $1,356.19, 24 Jan 2018 | $1,173.85, 15 Aug 2018 |
| 2017 | -7.9% | $1,349.01, 7 Sep 2017 | $1,242.93, 11 Dec 2017 |
| 2016 | -17.7% | $1,370.03, 10 Jul 2016 | $1,128.20, 15 Dec 2016 |
| 2015 | -19.1% | $1,300.96, 22 Jan 2015 | $1,053.05, 17 Dec 2015 |
| 2014 | -17.7% | $1,386.67, 16 Mar 2014 | $1,140.55, 6 Nov 2014 |
| 2013 | -29.6% | $1,692.85, 22 Jan 2013 | $1,191.78, 19 Dec 2013 |
| 2012 | -13.6% | $1,786.51, 28 Feb 2012 | $1,543.04, 16 May 2012 |
| 2011 | -18.8% | $1,909.37, 22 Aug 2011 | $1,549.65, 29 Dec 2011 |
| 2010 | -7.9% | $1,154.07, 10 Jan 2010 | $1,063.30, 8 Feb 2010 |
| 2009 | -12.8% | $996.05, 22 Feb 2009 | $868.68, 17 Apr 2009 |
| 2008 | -29.8% | $1,015.05, 16 Mar 2008 | $712.15, 12 Nov 2008 |
| 2007 | -7.8% | $686.85, 26 Feb 2007 | $633.20, 5 Mar 2007 |
| 2006 | -22.7% | $717.35, 11 May 2006 | $554.75, 14 Jun 2006 |
| 2005 | -6.8% | $445.50, 11 Mar 2005 | $415.20, 1 Jun 2005 |
| 2004 | -12.4% | $428.20, 12 Jan 2004 | $375.00, 10 May 2004 |
| 2003 | -16.3% | $382.10, 5 Feb 2003 | $319.90, 7 Apr 2003 |
| 2002 | -7.6% | $327.15, 3 Jun 2002 | $302.25, 1 Aug 2002 |
| 2001 | -7.8% | $287.55, 18 May 2001 | $265.25, 30 Jul 2001 |
| 2000 | -16.4% | $316.25, 10 Feb 2000 | $264.35, 30 Oct 2000 |
| 1999 | -15.2% | $325.50, 5 Oct 1999 | $276.10, 6 Dec 1999 |
| 1998 | -12.6% | $314.05, 23 Apr 1998 | $274.35, 28 Aug 1998 |
| 1997 | -23.5% | $369.65, 1 Jan 1997 | $282.75, 9 Dec 1997 |
| 1996 | -11.4% | $415.25, 2 Feb 1996 | $367.85, 3 Dec 1996 |
What followed a 20% fall
Since 1996, gold has closed at least 20% below a record six times, including the 2026 fall. Results varied. A year after the first such close, gold was higher in three of the five completed cases and lower in two: up 15.5% after 13 June 2006, 17.0% after 12 August 2008 and 17.1% after 23 September 2022, but down 11.4% after 2 July 1997 and 10.6% after 12 April 2013.
Three years later, results were further apart. The 2008 and 2022 cases had more than doubled, up 115.1% and 128.0%, while the 2006 case rose 66.5%. The 1997 and 2013 cases remained lower, by 13.2% and 15.2%. The 2026 fall first closed 20% below the record on 26 March 2026, at $4,405.11. Five completed cases make a small sample, and these results are no forecast.
Gold's 2026 drawdown
As of 16 October 2026, the highest close in our data was $5,513.43 on 28 January 2026. Gold fell 27.7% to $3,986.07 on 16 July 2026, its fourth-deepest drawdown since 1996. It remained below that peak at the 16 October 2026 close. The table above updates with each new close.
Check the figures yourself
Our daily gold history supplies every figure here. The request below gives one window of daily closes. Plus and Pro include daily history back to 1996; the Free plan covers the last 30 days.
To repeat this calculation, read closes in date order, keep the highest so far, and track the lowest until a later close exceeds that high. These steps give the depth, days to the low and days to a new high in the tables above.
curl "https://api.goldprice.dev/v1/bars?symbol=XAU-USD-SPOT&interval=1d&from=2011-08-22&to=2015-12-31" \ -H "Authorization: Bearer $API_KEY"Gold's month-end closes from 1996
- Highest month-end
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- Lowest month-end
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- Average
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- Change since 1996
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