Gold prices skyrocketed in 2024 touching new highs in the charts every month. The commodity markets delivered the most profits this year outperforming the stock market by a large margin. Silver, copper, gold, and the US dollar are among the top-performing commodities that delivered double-digit returns, except for the USD, which generated 5% gains.
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Now that gold prices are surging, leading AI bot ChatGPT forecasted its performance for the end of 2024. In this article, we will highlight how high or low gold prices could move in the indices, according to ChatGPT.
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Gold Prices 2024: ChatGPT Forecasts the Price
Source: Watcher Guru
The XAU/USD index, which measures the performance of gold shows the prices hovering around the $2,343 mark on Tuesday. The precious metal is up by 7.03 points after surging 0.30% in the day’s trade. Gold remains bullish as retail investors, institutional funds, and central banks have been on an accumulation spree for 18 months.
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Coming back to the prediction, ChatGPT forecasted that gold prices could trade in the $2,450 range by the end of 2024. That’s approximately a spike of 4.5% from its current price of $2,343 in May this month. ChatGPT took into context the Fed’s rate cuts, inflation, conflicts in the Middle East, and the Russia and Ukraine war.
“Given this context, and considering various influencing factors such as anticipated Federal Reserve rate cuts, ongoing geopolitical tensions, and strong central bank purchases, my speculative assessment for the price of gold by the end of 2024 remains at approximately $2,450 per ounce. This estimate balances recent upward trends with potential market dynamics over the next seven months,” forecasted ChatGPT obtained by Finbold.
However, on the flip side, if the markets turn bearish, then gold prices could fall to $1,700 an ounce, forecasted by ChatGPT. That’s a downturn of close to 27% from its current price.