With the price of platinum trading largely sideways and lacking the positive momentum needed for a bullish rally in the near future, investors and traders wonder if the situation could improve by the year’s end, and artificial intelligence (AI) can assist them in providing some clarity.
As it happens, Finbold has consulted the most recent iteration of ChatGPT, the brainchild of OpenAI, as well as its fellow Google Bard, the flagship AI product by Alphabet (NASDAQ: GOOGL), for insights regarding the potential price range for platinum at the end of 2024.
ChatGPT predicts platinum price
Based on current conditions, ChatGPT outlined some predictions for the potential price range of platinum by the end of 2024, which varied between $800 per troy ounce at the lower end and a more optimistic $1,100 per troy ounce at the higher end of the predictions.
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Furthermore, the AI bot specified that the possibility of the market facing “ongoing deficits and strong industrial demand, particularly for its use in automotive catalysts and other industrial applications, while investment demand remains stable or increases” could favor the upper price forecast.
That said, “if the downtrend observed at the start of 2024 continues, influenced by weakening macroeconomic conditions leading to lower industrial demand or a strengthening of the US dollar (precious metals often move inversely to the currency), then prices could lean toward the lower end of the range.”
Google Bard predicts platinum price
At the same time, based on similar factors as above, Google Bard has offered two educated guesses for the platinum price at the end of 2024 – a cautiously optimistic one that sees platinum at a price between $1,050 and $1,150 and a ‘downtrodden market’ projection between $850 and $950.
Indeed, its former prediction relies on the global economy moderately rebounding, leading to increased industrial demand for platinum, precious metals staying attractive as safe-haven assets amid geopolitical uncertainties and inflation, and supply disruptions faced by major producers remaining limited.
Conversely, the latter would see economic weakness dampening industrial demand for platinum, intensified shift towards “safer assets” like the US dollar, and supply chain issues worsening through disruption of platinum production and transportation under geopolitical tensions or infrastructure problems.
Platinum price analysis
Meanwhile, the price of platinum at press time stood at $948.89 per troy ounce, suggesting a decline of 1.9% on the day, a 4.75% drop across the past week, but nonetheless an increase of 4.03% accumulated on its monthly chart, according to the data obtained on January 8.
Overall, technical analysis (TA) indicators for platinum remain generally undecided for now, much like the AI bots, or even leaning toward the bearish side of things, unless the metal succeeds in breaking through the resistance at $983. That said, doing one’s own research before investing is critical.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
