Gold has been a captivating asset during most of 2024 due to widespread political instability, inflationary pressures, interest rate fluctuations, and its significance in the electronics sector amid the ongoing surge in artificial intelligence technologies. This commodity has been achieving successive all-time highs, at one point exceeding $2,450 per ounce.
At present, however, the precious metal has retracted and returned closer to its stable value over several months – around $2,365 – showing a remarkable increase of up to 14.63% from the beginning of 2024.
Considering the annual rise in gold prices, the recent correction, and the optimistic expert projections foreseeing a price surge to $3,000 by December 31, Finbold sought insights from the lite version of OpenAI’s advanced public AI platform – ChatGPT-4o mini – on the future performance of this precious metal in the next five months.
The Gold price forecast by ChatGPT-4o mini at the end of 2024
Immediately, ChatGPT-4o mini displayed its limitation in market analysis when compared to its more substantial counterpart. It either relied on outdated training data or extrapolated from historical information, erroneously indicating gold’s trading range as $1,850 to $2,000 per ounce.
Based on this flawed information, the AI predicted a modest rally for gold by the end of 2024, setting the price at $2,050 by late December.
Upon correction, ChatGPT-4o mini reconfirmed its cautiously optimistic outlook and assigned a new price target for gold at $2,520 by the year-end.
The AI mentioned inflation, interest rates, geopolitical dynamics, high demand, and positive market sentiment as supporting factors for its prediction.
Upon inquiring about potential deviations from the primary price target, the AI seemed perplexed. It acknowledged the likelihood of a more bullish scenario over a bearish trend but set a more optimistic target of $2,450, slightly below its primary forecast.
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