AI Forecasts Gold Price for July 31 2024
Throughout the first half of 2024, gold has proven to be both an intriguing and highly profitable investment. Amidst growing recession concerns, reports of a global central bank buying spree, and its essential role in electronics, the precious metal has experienced a significant surge, reaching new all-time highs in recent months.
Many experts believe that the 12.61% increase in gold’s value since the beginning of the year is just the beginning, predicting the commodity could rise another 19.20% from its current price of $2,323 to reach $3,000 by the end of 2024.
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Gold YTD price chart. Source: TradingView
Given these optimistic forecasts and the fact that gold has been trading mostly sideways with some volatility since early April, Finbold consulted several advanced artificial intelligence (AI) models to predict whether the rally will resume by the end of July.
**AI sets gold price target for July 31**
A common trend among the AI models was their cautious, if not bearish, outlook. For instance, ChatGPT-4o, the latest version of OpenAI’s renowned platform, predicts a modest uptrend for gold in July, expecting it to trade between $2,360 and $2,380 by the end of the month—a potential increase of up to 2.5%.
ChatGPT sets a gold PT for July 31. Source: Finbold & ChatGPT
Similarly, Alphabet’s (NASDAQ: GOOGL) Gemini, formerly known as Bard, anticipates a slight rise. Considering the overall positive trajectory and recent uncertainties, it predicts gold will reach around $2,375 per ounce by the end of July.
Gemini sets a gold PT for July 31. Source: Finbold & Gemini
In contrast, Microsoft’s (NASDAQ: MSFT) Copilot, in its ‘balanced’ mode, forecasts a bearish correction, projecting gold to settle at $2,200 by the end of the month.
Copilot sets a gold PT for July 31. Source: Finbold & Copilot
Additionally, Finbold consulted the predictive algorithms of PricePredictions, a platform specializing in forecasting the future prices of various assets. According to its systems, gold will experience some volatility but ultimately climb to $2,420.44 by the end of July.
Gold July 31 price predictions. Source: PricePredictions
It is important to note that PricePredictions’ forecast refers to Tether Gold (XAUt), a cryptocurrency pegged to gold, rather than the precious metal itself.
**Disclaimer**: The content on this site should not be considered investment advice. Investing is speculative, and your capital is at risk.
