Gold is the most valuable asset on Earth, and the leading commodity, with over $14 trillion in market capitalization. Historically, gold is known for its solid performance as a reliable store of value, specifically during macroeconomic uncertainties.
In that sense, the precious metal has seen nearly 20% gains since a local bottom on October 6, 2023. Gold traded as low as $1,810 per ounce, then, now indexed at $2,157 per ounce by TradingView.
Recently, different investment profiles have turned to gold, increasing its popularity and, thus, its demand, fueling gold’s price in USD. In particular, young Chinese investors have started to invest in gold beans, as an accessible way to get exposure to the commodity.
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Gold has traded as high as $2,195 per ounce in 2024, making this its historical all-time high. Additionally, gold started trading at $2,062 on January 1, resulting in 4.6% gains year-to-date.
Gold’s price for the end of 2024: AI forecasts
Looking for insights on gold’s future price action, Finbold turned to the most popular artificial intelligence (AI) models in the industry and asked for a forecast for the end of 2024.
Claude 3 Opus AI predicts the price of gold in 2024
First, we consulted the recently unveiled Claude 3 Opus by Anthropic; deemed superior to ChatGPT’s most advanced model.
Claude Opus predicts gold could reach around $2,400 per ounce by the end of 2024. Interestingly, the AI considers a strong momentum with recent price action, economic uncertainties, inflation concerns, geopolitical tensions, and the precious metal’s historic performance for this forecast.
ChatGPT-4
Second, Finbold asked ChatGPT-4, the most advanced artificial intelligence chatbot developed by OpenAI.
The GPT-4 model predicts a range between $2,300 and $2,500 for gold at the end of 2024. This is a similar forecast to Claude Opus, which also considered similar fundamental indicators as the first.
Additionally, OpenAI’s product mentions currency fluctuations, interest rates, supply and demand dynamics, and technical analysis to back its prediction.
In summary, gold has demonstrated a remarkable performance and the two supposedly most advanced AIs in the market see continuation. The leading commodity could see more than 11% gains from current prices by reaching the average target of $2,400 per ounce.
However, gold is susceptible to price variations like any financial asset and there are no guarantees on its future price performance.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
