AI forecasts the price of gold for July 1st 2024
Gold has been making headlines recently due to its significant price increase and its achievement of a new all-time high above $2,400 in May. The rise in the value of the world’s largest commodity can be attributed to various factors, such as increased demand in China, economic uncertainty in the US, and global geopolitical fears. Experts in the commodity market believe that gold has a real chance of reaching an unprecedented price of $3,000 by the end of the year.
While the short-term performance of gold remains uncertain, there is speculation that its use in artificial intelligence (AI)-powered hardware may contribute to its price. To gain insights into where gold might stand on July 1, Finbold consulted several prominent AI platforms.
The first platform, PricePredictions, specializes in predicting future asset prices, particularly for cryptocurrencies. Finbold examined the forecast for Tether Gold (XAUt), a digital asset closely tied to the price of gold. According to the algorithms, XAUt is expected to experience a substantial climb and reach a new all-time high of $2,520 on July 1.
OpenAI’s ChatGPT, another major AI platform, was less optimistic. While gold has shown strength in recent months, ChatGPT-4o predicted that it is unlikely to break out of its current range within the next 10 days. The estimated price target for gold was set at $2,365 per ounce.
Microsoft’s Copilot, in its ‘balanced’ mode, was even more conservative in its estimate. It predicted that the price of gold would remain similar to its current value in 10 days, with a slight drop of $11 to $2,340.
Google’s AI offering, Gemini, also followed the conservative trend. It estimated that gold would experience a mild drop to $2,327 by July 1, 2024.
While the most accurate prediction from these AI platforms remains uncertain, it is likely that gold will continue to stay within its current range for the foreseeable future. Before making any significant moves, it would need to break out of its support and resistance levels, which currently stand at 2286.61 and 2433.84, respectively.