AI predicts Gold price after reaching a new all-time high
Gold reached an all-time high (ATH) on August 16, entering a price discovery zone that strengthens its financial value proposition. Leading artificial intelligence (AI) models were used to analyze gold’s ongoing upward potential and price prediction.
Current Gold Trend
Notably, the yellow precious metal and leading commodity is on a rally, up 20% year-to-date from $1,984 per ounce. As of this writing, gold trades at $2,492 against the dollar, slightly above July’s all-time high of $2,489.
Market Position
In a visible uptrend, gold strengthens its position as a solid store of value amid growing recession fears and conflicts. The current price trades above the 30-day and 356-day exponential moving averages of $2,417 and $2,132, respectively.
AI Predictions
Meta (NASDAQ: META) AI’s Llama 3.1 forecasts gold to trade between $2,650 and $2,800 in the short term, $3,200 and $3,500 in the mid-term, and up to $5,000 within the next two to five years.
OpenAI's flagship product, ChatGPT-4o, predicts gold's prices at $2,550, $2,750, and $3,200 per ounce, respectively. Claude 3.5 Sonnet, developed by Anthropic, projects gold to trade at $2,550 within six months, $2,680 within two years, and $3,100 by 2030.
Despite varying projections, these AI models suggest that gold will continue to deliver gains to investors, even at its recent all-time high. The consensus is that gold will trade above $3,000 five years from now, offering over 20% gains from the current levels.
However, it's important to note that while AI models provide insights, they are not infallible, and caution is advised when making investment decisions based on their predictions.
