Excluding some very impressive outliers like Nvidia, Super Micro Computer, and the recently resurgent meme stocks GameStop and AMC, gold has been one of the most lucrative investments in recent years. So how will the shiny metal perform by the end of this year? We asked this question to ChatGPT-4o!
The performance of gold is quite satisfactory!
cryptokoin.comAs you follow from , the world’s largest commodity has recorded steady and brilliant growth. The shiny metal has seen an increase of 80.48% in the last 5 years and 16.67% in the last 52 weeks. Additionally, it has gained 13.72% since the beginning of 2024. This rise led the gold price to reach $2,370 today.
According to many leading analysts, the commodity’s performance was largely determined by high geopolitical tensions, uncertainty about the state of the US economy and fears of recession, and a true global central bank buying spree. In addition, many experts say that gold’s rise is not over yet. Additionally, some experts predict that the precious metal will rise to as high as $3,000 before the end of the year. So we asked ChatGPT-4o, OpenAI’s flagship artificial intelligence (AI) platform, to provide its own gold rating for the remainder of 2024.
ChatGPT-4o sets the gold price for the end of 2024
Having scanned the internet for up-to-date information on gold, ChatGPT-4o concluded that the commodity will continue to rise over the next 7 months. But he set his price target at a relatively modest $2,450.
We noted that his estimate was low considering how much gold has risen in the last 7 months. This time the AI acknowledged that this was conservative. But he also noted that it remains the most likely scenario. In this context, artificial intelligence made the following statement:
Considering a variety of influencing factors such as expected Federal Reserve rate cuts, ongoing geopolitical tensions, and strong central bank purchasing, my speculative assessment for the gold price by the end of 2024 remains at around $2,450.
This forecast balances recent bullish trends with potential market dynamics over the next seven months. However, ChatGPT generated two additional plausible scenarios, one bullish and one bearish.
Bull scenario in gold prices
In the bullish scenario, the AI assumed that the US would enter a full-blown recession in the third quarter of 2024 and that the Fed would quickly cut interest rates. This disaster was paired with a possible buying spree by central banks, further escalation of geopolitical tensions and further weakening of the US dollar. According to ChatGPT, under these conditions, it is possible for gold to rise to $ 3,200 by December.
Bear scenario in gold prices
In a bear scenario, gold isn’t always the thing that shines as global economies accelerate their pace of recovery and bring even higher inflation. Under these conditions, central banks will continue to raise interest rates, according to AI. Because the danger of recession will decrease and the fear of runaway inflation will increase. This will cause bonds and stocks to become more attractive. According to ChatGPT, the result of this development of events will be that the gold price will drop to $ 1,700.
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