With commodities such as precious metals always in trend and providing a haven for investors that protects against inflation and events that might negatively impact the market, traders might wonder where gold’s price might end up by the end of 2024.
Predicting a specific price range is challenging due to commodities’ dependency on world events, but gold is usually a steadfast asset.
With this in mind, Finbold asked AI chatbot ChatGPT from OpenAI to offer potential scenarios and price ranges in these scenarios for the price of gold by the end of this year.
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ChatGPT predictions for gold price
ChatGPT presented the most likely scenario for gold prices by the end of this year, assuming that the inflation rate remains relatively unchanged and that the market performance is solid, and it showed that a price range of $1,800 to $2,200 per ounce is the most plausible.
Under optimistic conditions presented by AI, gold prices might experience an upward trajectory driven by various factors. A worldwide economic slump heightened inflation, or geopolitical unrest could incentivize investors to turn to gold as a safe-haven asset.
Furthermore, in the case suggested by AI, if central banks adopt lenient monetary policies or if there is a decline in confidence in traditional fiat currencies, the demand for gold as a reliable store of value could increase, setting the price range of this asset from $2,200 to $2,500.
Conversely, in an adverse scenario, investors might redirect their focus from safe-haven assets such as gold toward riskier investments in a bullish scenario characterized by a strong economy, controlled inflation, and reduced geopolitical tensions. The tightening of monetary policies by central banks or a strengthened US dollar could also negatively influence gold prices, downsizing them to a range from $1,500 to $1,800.
Gold price analysis
At the time of writing, this commodity’s price was $2,046 per ounce, depicting a 0.14% weekly increase, a surge of 3.34% in the last 30 days, and a 9.08% gain on the yearly chart.
This yellow metal’s technical indicators portray a ‘buy’ signal at 14. With moving averages tilting toward ‘strong buy’ at 12 and oscillators remaining neutral at 8.
The price of this asset is hard to predict, but a variety of scenarios are in play as a part of research for investors that aim to allocate their resources to this investment.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
