Given the recent geopolitical tensions driving fluctuations in commodities like gold and oil, forecasting the direction and extent of these investments’ price movements can be challenging.
However, leveraging artificial intelligence tools such as ChatGPT from OpenAI and Gemini from Google could be valuable for gauging potential profits for gold investors in the upcoming quarters.
With this in mind, Finbold utilized predictions from these two widely-used chatbots to assess what the second quarter holds for gold.
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Chatbots were surprisingly accurate in their predictions for gold
Reviewing the predictions for the first two quarters of 2024, ChatGPT and Gemini provided price ranges that closely aligned with the actual average price of gold during these periods. ChatGPT proved more accurate in Q1, while Gemini excelled in Q2.
Both AI models accurately pinpointed the specific range within which the average gold price fell.
What’s intriguing is that AI displayed a notably more bullish outlook on gold price predictions than the average investor. ChatGPT indicated a modest uptick in the upper range for each following quarter, while Gemini was even more optimistic in its projections.
Quarters ahead will be even more profitable for gold
If the predictions from chatbots become a reality, gold will experience a substantial increase in its valuation, ranging from a 1% to a 21% increase in valuation.
Gemini emerges as the more bullish and, notably, more accurate of the two chatbots. Its Q1 prediction is closely aligned with the actual average gold price, and based on the current Q2 data, it is heading towards another precise forecast.
These accurate predictions underscore AI’s rapidly growing and evolving landscape, which will undoubtedly prove valuable for investors seeking to anticipate future price movements of stocks and commodities.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
