Gold is in an impressive rally reaching new all-time highs and strengthening its position as the world’s most valuable asset. The market’s leading precious metal and commodity sets for a promising 2024, which Claude 3 Opus AI now highlights.
On that note, Finbold asked Anthropic’s most advanced artificial intelligence (AI) model a price prediction for Gold for this year.
In particular, Claude Opus’s AI returned a range between $2,400 and $2,600 as the most likely price target. It also expects Gold to see highs of $2,800 and lows of $2,100 per ounce throughout 2024.
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Gold price analysis
Meanwhile, the precious metal closed its trading day and week on March 29, Friday, at $2,233 per ounce. This represents 8.28% gains year-to-date, from a price of $2,062 per ounce, slightly below Claude’s most bearish expectations.
For that reason, this region could play an important price support for Gold moving forward.
From a technical perspective, the Relative Strength Index (RSI) indicates a bullish but overbought asset in the daily chart. This characteristic hints at a possible short-term correction before running to the forecasted prices.
Increased demand for Gold and derivatives
The world has seen an increased interest in Gold, which could have impacted its remarkable performance so far. In particular, young Chinese investors have started collecting gold beans to get accessible exposure to the precious metal.
Additionally, one of the largest finance institutions in the world, HSBC, announced the HSBC Gold Token on March 27. A tokenized version of the leading commodity and the deemed first tokenized real-world asset (RWA) minted by a large bank to supply retail.
All in all, an increased demand for gold and its derivatives or synthetic assets could fuel price performance in 2024 and for the following years.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
