Gold Price Predictions for the End of 2024 from Artificial Intelligence Bots!

Gold price has returned to its historic uptrend against the US Dollar. The shiny metal is currently trading at $2,055. This marks an increase of over 25% since the lows of Q4 2022. Therefore, this once again confirms its properties as a store of value. So where will the gold price be at the end of 2024? We asked this question to leading AI bots.

Gold continues to attract investors!

As you can see from Kriptokoin.com, gold, one of the leading commodities, shines in the industry. This shows that it is a timeless store of value. Industries envy it for its excellent conductivity, resistance to corrosion, and machinability. Investors, on the other hand, value gold for its advantages of hedging against inflation, currency fluctuations, and portfolio diversification. According to the TradingView index, the price of gold reached an all-time high of $2,146.79 on Dec. 4, 2023. This has renewed the excitement of gold enthusiasts and investors around the world, who have turned their eyes back to the historic commodity.

### ChatGPT-4's gold price prediction for the end of 2024

In this regard, we turned to the GPT-4 Turbo chatbot and asked for a gold forecast for the end of 2024. The advanced artificial intelligence (AI) model made three predictions. Specifically, he predicted that gold would be between $2,100 and $2,200. He identified these estimates, which correspond to an increase of 2.2%-7%, as the most likely scenario. He also noted that from a bullish perspective, gold has the potential to reach the $2,250-$2,350 range (9.5%-14.4% increase) by the end of 2024. Meanwhile, the gold price fell 2.7%-7.5% in its bearish outlook, marking the $1,900-$2,000 range. Artificial intelligence made the following statement for the predictions:

Gold traditionally performs well in times of uncertainty and inflation. Given that inflation is at record highs and gold prices have peaked recently, it is reasonable to expect continued demand for gold as a hedge against inflation and economic instability. However, if inflation is brought under control and economies stabilize faster than expected, gold's appeal could wane, which could lead to lower prices. The most likely scenario considers both the potential for continued inflationary pressures and the impact of rising interest rates on economic growth and recession risk.

### Gold price forecast from Google Bard

Similarly, Google Bard's AI sees gold at $2,075 by the end of 2024. That's a 1% increase from current prices. As for bullish and bearish predictions, Bard predicts gold at $2,120 (+4%) and $2,005 (-3%), respectively. Regarding these gold price predictions, he explains:

Despite reaching record highs on recession fears and safe-haven demand, gold's outlook for 2024 remains delicately balanced. Inflationary pressures could keep central banks hawkish, limiting significant gains. However, a deepening recession could trigger policy easing, increasing gold's appeal. If the Fed reverses course, a narrow trading range around $2,075 is expected, while there is a potential to rise to $2,120 or fall to $2,005 if inflation continues to harden.

However, it is necessary to accept that it is possible for artificial intelligence to make mistakes. The above gold price predictions for 2024 take into account historical data and limited information reinforced through logic. Therefore, investors should not take these predictions as an absolute fact. Therefore, it is beneficial for them to always consider more information for better financial decisions.

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