The only month gold has been down in every market condition is March. Combined with the fact that gold soared 10.2% the first two months of this year, the odds favor a pullback this month. And as above, that can be a very good thing. Here’s what buying in March has meant to past investors. Gold Seasonality Over 30 Years. The 'Gold: Second Half Increase' is the seasonal rise in gold, starting on May 5 and ending on January 21 of the following year. The increase was observed in 20 of 30 years, resulting in an average profit of +19.2%. But there were also 10 years, where the price of gold fell during this period of the year. Seasonality refers to particular time frames when stocks/sectors/indices are subjected to and influenced by recurring tendencies that produce patterns that are apparent in the investment valuation. Tendencies can range from weather events (temperature in winter vs. summer, probability of inclement conditions, etc.) to calendar events (quarterly reporting expectations, announcements, etc.).