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AI predicts Gold price for July 31, 2024

AI predicts Gold price for July 31, 2024

Throughout the first half of 2024, gold has been a very interesting – and so far, a very lucrative – investment

Amidst recessionary fears, reports of a worldwide central bank buying spree, and the commodity’s use in electronics, the precious metal has recorded a substantial rise and new all-time highs in recent months.

Additionally, many experts believe that the 12.61% rise gold has experienced since the start of the year is merely a beginning and that the commodity is set to rise another 19.20% from its press time price of $2,323 and reach $3,000 by the end of 2024.

Gold YTD price chart. Source: TradingView

Given the immensely bullish forecasts and the fact that the precious metal has been trading mostly sideways – albeit with some volatility – since early April, Finbold consulted multiple advanced artificial intelligence (AI) models on whether the rally will resurface by the end of July.

AI sets gold price target for July 31

A trend among the asked AI models that quickly emerged is their penchant for neutrality, if not outright bearishness. 

ChatGPT-4o – the most advanced version of OpenAI’s famous platform – for example, estimates gold is likely to experience a very moderate uptrend in July and stand in the range between $2,360 and $2,380 on the last day of the month – at most a 2.5% increase.

ChatGPT sets a gold PT for July 31. Source: Finbold & ChatGPT

Alphabet’s (NASDAQ: GOOGL) Gemini – once known as Bard – offered a very similar assessment. Indeed, the AI explained that after taking into account the overall positive trajectory and the more recent uncertainty, it considers a rise to $2,375 per ounce a likely outcome of the month’s trading.

Gemini sets a gold PT for July 31. Source: Finbold & Gemini

Microsoft’s (NASDAQ: MSFT) Copilot – its ‘balanced’ mode, to be precise – proved outright bearish. According to the model, gold is set for a correction in July and will land at $2,200 at the end of the month.

Copilot sets a gold PT for July 31. Source: Finbold & Copilot

Finally, Finbold moved away from large language models (LLMs) and consulted the predictive algorithms of a platform specialized in predicting the future prices of different assets – PricePredictions.

According to the platform’s systems, gold will experience some volatility as it climbs throughout July and will stand at $2,420.44 on the last day of the month.

Gold July 31 price predictions. Source: PricePredictions

It is worth pointing out, however, that PricePredictions’ prediction pertains to Tether Gold (XAUt), a cryptocurrency pegged to the world’s largest commodity, rather than to the precious metal itself.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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