In the first half of 2024, the investment in gold has been very intriguing and highly profitable. This is due to recession fears, reports of global central banks buying gold, and the metal’s use in electronics. Gold has reached new all-time highs in recent months and experts believe that the 12.61% rise in gold since the beginning of the year is just the start. It is predicted that gold will increase by another 19.20% from its current price of $2,323 and reach $3,000 by the end of 2024.
Despite the bullish forecasts and the precious metal trading mostly sideways with some volatility since early April, Finbold consulted several advanced artificial intelligence (AI) models to determine if the rally will continue by the end of July.
One trend that emerged among the AI models is their tendency for neutrality or bearishness. ChatGPT-4o, the most advanced version of OpenAI’s platform, estimates that gold is likely to experience a very moderate uptrend in July and could reach a maximum of a 2.5% increase, standing between $2,360 and $2,380 on the last day of the month.
Gemini, previously known as Bard and now part of Alphabet (NASDAQ: GOOGL), offered a similar assessment, predicting a rise to $2,375 per ounce by the end of the month based on the overall positive trajectory and recent uncertainty.
However, Microsoft’s Copilot, in its ‘balanced’ mode, was outright bearish, predicting a correction in July and estimating that gold will land at $2,200 at the end of the month.
In addition to large language models (LLMs), Finbold also consulted the predictive algorithms of PricePredictions, a platform specializing in predicting future asset prices. According to the platform’s systems, gold is expected to experience volatility as it climbs throughout July and will stand at $2,420.44 on the last day of the month. It is important to note that PricePredictions’ prediction pertains to Tether Gold (XAUt), a cryptocurrency pegged to the world’s largest commodity, rather than to the precious metal itself.
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