The precious metal, commonly acknowledged as gold, has emerged as a standout and fascinating asset in the year 2024 due to its remarkable surge in price and the diverse financial – such as heightened inflation and interest rates – as well as geopolitical – including widespread uncertainty and the increased gold purchases by central banks – influences.
With an impressive rise of 19.62% since the beginning of the year and achieving its highest value ever on July 16, experts predict that gold will reach $3,000 by the end of the year – surpassing its current value of $2,467.78 by more than $500.
Taking into account the current trends and positive forecasts, Finbold decided to explore the insights provided by OpenAI’s revolutionary artificial intelligence (AI) model – ChatGPT-4o – on the future position of gold by the conclusion of 2024.
Projections of Gold Price by ChatGPT for the Closing of 2024
While acknowledging the favorable price patterns for gold, ChatGPT revealed a less optimistic view on the year-end prices compared to human experts.
After considering various factors and the current positive market sentiment, the AI deduced that gold is likely to stabilize around $2,520.
Explaining the reasoning behind this conservative estimate, ChatGPT emphasized that the prediction is based on historical trends, geopolitical uncertainties, ongoing Federal Reserve policies, market sentiment, and specific physical constraints.
Although noting that a surge in gold prices often precedes a correction – limiting the potential upside – the AI highlighted the crucial role of the upcoming decisions by the FED as the primary factor.
ChatGPT also acknowledged the potential for gold to either exceed or fall short of its assessment, suggesting that in a more pessimistic scenario, the commodity could see a slight decline to $2,300.
Despite its optimistic outlook, the AI was less bullish than the analysts, pointing its highest prediction for the gold price at the end of 2024 to be $2,800 per ounce.
In conclusion, ChatGPT expressed confidence in $2,520 as the most likely gold price target by year-end, indicating that the optimistic scenario is more prone to deviation than a bearish reversal.
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