AI forecasts the price of gold for July 31 2024

Gold has proven to be a fascinating and profitable investment in the first half of 2024. Amid concerns of a recession, reports of central banks worldwide buying up the precious metal, and its use in electronics, gold has seen a significant increase, reaching new all-time highs in recent months. Experts predict that the 12.61% rise in gold’s value since the beginning of the year is just the beginning, with the commodity expected to rise another 19.20% from its current price of $2,323 and reach $3,000 by the end of 2024.

Given these bullish forecasts and gold’s mostly sideways trading pattern since early April, Finbold consulted multiple advanced artificial intelligence (AI) models to determine whether the rally will continue by the end of July.

The AI models showed a tendency towards neutrality, if not outright bearishness. ChatGPT-4o, the latest version of OpenAI’s platform, predicts a very moderate uptrend for gold in July, estimating a range between $2,360 and $2,380 on the last day of the month, at most a 2.5% increase.

Alphabet’s Gemini, formerly known as Bard, offered a similar assessment, expecting a rise to $2,375 per ounce by the end of the month.

However, Microsoft’s Copilot in its ‘balanced’ mode was outright bearish, predicting a correction for gold in July, with the price landing at $2,200 at the end of the month.

Finally, Finbold consulted PricePredictions, a platform specializing in predicting future asset prices. According to their systems, gold will experience some volatility as it climbs throughout July, ultimately reaching $2,420.44 on the last day of the month. It’s important to note that PricePredictions’ prediction pertains to Tether Gold (XAUt), a cryptocurrency pegged to the world’s largest commodity, rather than the precious metal itself.

In conclusion, the content on this site should not be considered investment advice, as investing is speculative and carries risks to your capital.