Gold, the world’s leading commodity, has been one of the most interesting and impressive assets in 2024 thanks to its significant upward price action and the various financial – such as high inflation and interest rates – and geopolitical – such as the general uncertainty and the central bank buying spree – factors.
Additionally, along with already rising 19.62% since the start of the year and closing at its highest price ever on July 16, leading experts predict the precious metal will climb to $3,000 before the year is out – more than $500 above gold price today of $2,467.78.
Given the current trends and the highly optimistic forecasts, Finbold elected to seek further insights from OpenAI’s flagship artificial intelligence (AI) platform – ChatGPT-4o – about where the commodity might stand at the end of 2024.
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ChatGPT predicts gold price at the end of 2024
While quickly acknowledging the positive price trends for gold, ChatGPT immediately proved less bullish about its year’s end prices than human experts.
Indeed, after analyzing various factors and the current positive market sentiment, the AI concluded gold is likely to find itself at $2,520.
After getting asked about its reasoning for the conservative prediction, ChatGPT identified the target is based on historical trends, geopolitical uncertainty, the current Federal Reserve policy, market sentiment, and certain physical constraints.
Though the AI also pointed out that a surge like the one gold has already experienced frequently invites a correction – thus limiting the likely upside – it singled out the upcoming FED’s decisions as the most important factor.
ChatGPT also acknowledged that it is plausible that gold may perform either better or worse than it assessed and concluded that in the more bearish scenario, the commodity is likely to fall, albeit only slightly, to $2,300.
The AI, however, proved less bullish than the analysts even with its optimistic scenario, as it placed its highest gold price target for the end of 2024 at $2,800 per ounce.
Finally, ChatGPT also concluded that, while it is confident that $2,520 is the most plausible price target for gold at the end of the year, the bullish scenario is the more likely deviation than the bearish turn.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
