The recent surge in gold prices has captured the attention of many, as it reached a new all-time high above $2,400 in May. This increase can be attributed to various factors, such as the growing demand for gold in China, economic uncertainty in the U.S., and geopolitical concerns worldwide. Furthermore, experts in the commodity market believe that gold has the potential to reach an unprecedented price of $3,000 by the end of the year.
While the short-term performance of gold remains uncertain, it is worth considering its use in AI-powered hardware as a potential driver of its price. To gain insights into where gold might be headed on July 1, Finbold consulted several prominent AI platforms.
PricePredictions, a platform specializing in predicting future asset prices, forecasted a significant climb for Tether Gold (XAUt). According to their algorithms, XAUt is expected to reach a new all-time high of $2,520 on July 1.
On the other hand, OpenAI’s ChatGPT, the original major AI platform, provided a more cautious prediction. Although gold has shown strength in recent months, ChatGPT-4o concluded that it is unlikely to break out of its current range in the next 10 days. Their price target for gold was set at $2,365 per ounce.
Microsoft’s Copilot, in its ‘balanced’ mode, offered an even more conservative estimate. It predicted that the commodity’s price on July 1 would be similar to its current price, with a slight drop of $11 to $2,340.
Google’s AI platform, Gemini, also followed the conservative trend, estimating a mild drop in gold’s price to $2,327 by July 1, 2024.
Regardless of which prediction is the most accurate, it is likely that gold will remain within its current range for the foreseeable future. Before making any significant moves, it would need to break out of its support level at 2286.61 and resistance level at 2433.84.
Disclaimer: This article does not provide investment advice and investing in gold carries risks.
