Gold, the premier natural resource globally, has stood out as one of the most captivating and remarkable assets in 2024 due to its notable upward price movement and the diverse financial – such as elevated inflation and interest rates – and geopolitical – such as generalized uncertainty and the buying spree by central banks – influences.
Furthermore, having already surged by 19.62% since the commencement of the year and achieving its all-time high value on July 16, leading authorities foresee the precious metal scaling to $3,000 before the year’s end – surpassing the current gold valuation of $2,467.78 by over $500.
Given the ongoing trends and the highly favorable forecasts, Finbold opted to delve deeper into the insights provided by OpenAI’s groundbreaking artificial intelligence (AI) model – ChatGPT-4o – regarding the potential position of the commodity by the conclusion of 2024.
ChatGPT anticipates the gold price at the end of 2024
While promptly recognizing the positive price patterns for gold, ChatGPT promptly displayed a less optimistic view on the end-of-year prices compared to human specialists.
Indeed, after reviewing several factors and the current positive market sentiment, the AI determined that gold is expected to stabilize around $2,520.
When asked about the rationale behind the conservative projection, ChatGPT highlighted that the forecast is anchored on historical patterns, geopolitical uncertainties, prevailing Federal Reserve policies, market sentiment, and specific physical limitations.
Despite pointing out that a surge like the one seen in gold often precedes a correction – thereby curbing the potential upside – the AI singled out the upcoming decisions by the FED as the pivotal determinant.
ChatGPT further acknowledged the possibility that gold could either outperform or underperform its assessment, concluding that in a more pessimistic scenario, the commodity might experience a slight decline to $2,300.
Nevertheless, despite its upbeat scenario, the AI remained less bullish than the analysts, pinpointing its highest gold price forecast for the end of 2024 at $2,800 per ounce.
Ultimately, ChatGPT also affirmed that while it is confident in $2,520 as the most probable gold price target at year-end, the optimistic scenario is more likely to stray from the path than a bearish reversal.
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