The gold price has returned to its historical uptrend against the US Dollar. The shiny metal is currently trading at $2,055. This represents an increase of over 25% since the lows of Q4 2022. Therefore, this once again confirms its properties as a store of value. So where will the gold price be at the end of 2024? We asked this question to leading AI bots.
Gold continues to attract investors!
cryptokoin.comAs you follow from , gold, one of the leading commodities, shines in the industry. This shows that it is a timeless store of value. Industries envy it for its excellent conductivity, resistance to corrosion and machinability. Investors value gold due to its advantages of protection against inflation, currency fluctuations and portfolio diversification. According to the TradingView index, the gold price reached an all-time high of $2,146.79 on December 4, 2023. This has renewed the excitement of gold enthusiasts and investors around the world, who are again turning their eyes to the historical commodity.
ChatGPT-4’s gold price prediction for the end of 2024
In this context, we contacted the GPT-4 Turbo chatbot and asked for a gold forecast for the end of 2024. The advanced artificial intelligence (AI) model made three predictions. Specifically, he predicted gold would be between $2,100 and $2,200. He identified these estimates as the most likely scenario, corresponding to an increase of 2.2%-7%. He also noted that from a bullish perspective, gold has the potential to reach the $2,250-2,350 range (9.5%-14.4% increase) by the end of 2024. Meanwhile, the gold price is down 2.7%-7.5% on a bearish outlook, marking the $1,900-$2,000 range. Artificial intelligence made the following statement for the predictions:
Gold traditionally performs well during periods of uncertainty and inflation. Considering that inflation is at record levels and gold prices have recently peaked, it is reasonable to expect continued demand for gold as a hedge against inflation and economic instability. However, if inflation is brought under control and economies stabilize faster than expected, gold’s appeal may wane, leading to prices falling. The most likely scenario considers both the potential for continued inflationary pressures and the impact of rising interest rates on economic growth and recession risk.
Gold price prediction from Google Bard
Similarly, Google Bard’s artificial intelligence sees gold at $2,075 by the end of 2024. This means a 1% increase from current prices. As for bullish and bearish predictions, Bard forecasts gold at $2,120 (+4%) and $2,005 (-3%) respectively. He makes the following statement regarding these gold price predictions:
Despite reaching record highs amid recession fears and safe-haven demand, gold’s 2024 outlook remains delicately balanced. Inflationary pressures could keep central banks hawkish, limiting significant gains. However, a deepening recession may trigger policy easing, increasing the attractiveness of gold. While a narrow trading range is expected around $2,075 if the Fed changes direction, there is a potential to rise to $2,120 or drop to $2,005 if inflation continues to harden.
However, it is necessary to accept that it is possible for artificial intelligence to make mistakes. The above 2024 gold price predictions take into account limited information reinforced through historical data and logic. Therefore, investors should not accept these predictions as absolute truth. Therefore, it is always beneficial for them to consider more information for better financial decisions.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!