Throughout most of 2024, gold has been one of the most interesting assets in the world. Thanks to general political instability, inflation and interest rate pressure, and its use in electronics – a particularly fiery sector given the ongoing artificial intelligence (AI) boom – the commodity has been reaching new all-time highs (ATH) after new all-time highs at one point even landing above $2,450 per ounce.
By press time, however, the precious metal has experienced correction and found itself back near its multi-month stable level – at about $2,365 – and is as much as 14.63% above where it stood at the start of 2024.
Given gold’s yearly rise, its most recent correction, and the highly bullish expert prediction for the rest of year which see the commodity hitting $3,000 by December 31, Finbold decided to consult the light version of OpenAI’s most advanced public AI platform – ChatGPT-4o mini – on how the precious metal might fare in the coming five months.
ChatGPT-4o mini sets gold price target for the end of 2024
Right off the bat, ChatGPT-4o mini proved its first deficiency for market analysis compared to its weightier cousin: either relying on outdated training data or extrapolating from older information, it incorrectly identified gold’s current trading range as being between $1,850 and $2,000 per ounce.
Following from this incorrect information, the AI concluded gold is set for a relatively minor rally by the end of 2024 and that it will stand at $2,050 in late December.
Once corrected, ChatGPT-4o mini reaffirmed its cautiously optimistic prediction and set gold’s new price target for the end of the year at $2,520.
It cited inflation and interest rates, the geopolitical situation, the high demand, and the generally bullish market sentiment as factor backing its forecast.
Finally, when asked if any deviation from its main price target is likely, the AI apparently became confused. It acknowledged that a more bullish scenario is plausible and more likely than a bearish trajectory but set the more optimistic price target at $2,450 – below its main forecast.
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