Skip to content

AI predicts Platinum price for May 31, 2024

AI predicts Platinum price for May 31, 2024
Ana Zirojevic

So far, 2024 has been uneventful for the platinum price, which has recorded a 2.39% drop since the year’s turn despite an overall rise in the commodities sector and a record deficit in the precious metal’s global market in 2023, artificial intelligence (AI) has offered potential platinum price target in the near future.

Indeed, taking this context into consideration, Finbold has tasked the most recent iteration of ChatGPT, the brainchild of OpenAI, as well as its competitor, Google Gemini, the flagship AI product by Alphabet (NASDAQ: GOOGL), for insights regarding the possible price range on May 31, 2024.

ChatGPT predicts platinum price

Based on current conditions, ChatGPT has outlined some predictions for the potential platinum price per ounce range by May 31, which vary between $950 per troy ounce at the lower end and a more optimistic $1,000 “slightly above” as the higher target, from the viewpoint on May 6.

Furthermore, the AI bot specified that the lower bound “might not deviate significantly from the current price,” whereas the optimistic upper bound could follow an increasing “demand for industrial uses and jewelry (…), particularly if economic conditions remain favorable or improve.”

Gemini predicts platinum price

At the same time, Google Gemini pointed out that “the price might fluctuate between $900 and $1050 by May 31st, depending on how the influencing factors play out,” including industrial demand, supply chain disruptions, economic trends, and expert opinions.

Specifically, the AI bot has based its lower platinum price target on a “slight decrease in demand or potential supply disruptions pushing the price down from its current level,” while the higher-end prognosis:

“Considers a moderate increase in demand, particularly from the jewelry sector, or positive developments in the global economy leading to an overall rise in precious metal prices.”

Platinum price analysis

So, what is the platinum price today? Notably, the platinum price per gram currently stands at $34.05, whereas the platinum price per ounce at press time amounted to $958.57, recording a 0.59% gain on the day, advancing 1.30% across the week, while dropping 0.40% in the last month. 

Platinum price 1-month chart. Source: TradingView

In terms of platinum price vs. gold, the former has been making significantly less impressive market movements than the latter, considering gold’s massive advance of 15.54% since the year’s turn, compared to platinum’s decline of 0.04% in the same period.

As it happens, the profitability of platinum group metals (PGM) mining operations has declined because of their close connection to palladium and rhodium, which have witnessed declines in pricing, leading to restructuring announcements from all major producers.

On top of that, the supply deficit has failed to boost prices because carmakers have accumulated excess PGM inventories during the 2020-2022 period due to Covid-induced production decline, according to the quarterly report by the World Platinum Investment Concil (WPIC).

Finally, many analysts expect that platinum will play an essential role in the development of hydrogen technology, considering its usability in producing carbon-free hydrogen from renewable energy. According to Stash Graham, the managing director of Graham Capital Wealth Management: 

“If hydrogen-based power meets expectations in the coming decade, then one could expect a material demand tailwind in platinum.”

All things considered, platinum could move in the direction set by AI, but it is important to keep in mind that things in any market can change on a whim, and AI bots cannot reliably make price predictions, so doing one’s own research is essential when investing.

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

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.