Gold has been much in the news in recent months as it experienced a substantial price increase and even reached and briefly held a new all-time high (ATH) above $2,400 in the second half of May.
The major rise of the world’s biggest commodity has been traced to many factors, including increased demand in China through the popularity of gold beans, economic uncertainty in the U.S., and the broader geopolitical fears affecting the entire world.
Additionally, gold has not only boasted a strong historical performance, but many prominent commodity experts believe that the precious metal has a real chance of reaching an unprecedented price of $3,000 by the year’s end.
Picks for you
The likely short-term performance appears less clear, however, and given that gold’s use in artificial intelligence (AI)-power hardware may also be a driver of its price, Finbold decided to consult several prominent AI platforms on where the commodity might find itself on July 1.
AI sets gold price on July 1, 2024
The first to be consulted on the likely upcoming performance of gold was the predictive machine learning algorithm of a platform specializing in offering predictions for the future price of assets – PricePredictions.
Given that the platform is entirely focused on cryptocurrencies, Finbold examined the forecast for the digital asset closely following the price of gold: Tether Gold (XAUt).
According to the algorithms, XAUt is set to begin a substantial climb in but a few days from the time of publication and reach a new all-time high of $2,520 on July 1.
The original major AI platform – OpenAI’s ChatGPT – was, however, somewhat less bullish. Indeed, it concluded that while gold has been showing significant strength in recent months, it is unlike to escape its current range in the coming 10 days.
ChatGPT-4o ultimately set its price target for the world’s leading commodity at $2,365 per ounce.
Microsoft’s (NASDAQ: MSFT) Copilot – or its ‘balanced’ mode, to be more precise – was even more conservative in its estimate, though it also predicted that the commodity will have a very similar price in 10 days as is the gold price today.
According to the AI, the precious metal will drop some $11 to $2,340.
Finally, Google’s (NASDAQ: GOOGL) AI offering – Gemini – continued with the conservative trend as it estimated gold would experience a mild drop to $2,327 by July 1, 2024.
Whichever is the most accurate prediction out of the ones offered by the artificial intelligence, gold is indeed likely to remain in its press time range for the foreseeable future given that it would, before making any larger moves, have to break out of its support and resistance levels, which stand at 2286.61 and 2433.84, respectively.
Buy stocks now with eToro – trusted and advanced investment platform
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
