Gold Price Prediction for End of 2024 Amid Geopolitical Tensions
As geopolitical tensions rise around the world, including recent clashes in Israel and Gaza, the price of safe-haven assets like gold is seeing an uptick. However, artificial intelligence (AI) algorithms are divided on their predictions for the precious metal’s value by the end of 2024.
One AI algorithm, utilizing technical analysis indicators, support and resistance levels, and macroeconomic and political factors, forecasts that gold could reach $2,921.82 per ounce by December 31, 2024. This represents a potential increase of 23.50% from its current price.
On the other hand, ChatGPT-4o, a sophisticated AI model, offers a more conservative price range of $1,900 to $2,400 per troy ounce. This prediction takes into account assessments from the World Bank, Citigroup, and the ongoing geopolitical tensions, as well as expectations around Federal Reserve rate cuts.
Another AI model, Claude 3 Opus, presents a slightly more optimistic outlook, placing gold in the range of $2,350 – $2,450 per ounce by the end of 2024. This projection is based on current price trends and the economic landscape.
At present, the price of gold stands at $2,365.90 per ounce, with fluctuations in daily, weekly, and monthly trading. The value of a gram of gold is $75.07, while a kilogram would cost $75,070.25. For those interested in gold bars, a 400 oz bar is priced at $934,628, and a 100 oz bar at $233,657.
Furthermore, cryptocurrency expert Michaël van de Poppe has highlighted the undervaluation of gold and cryptocurrencies compared to traditional assets like the Dollar and Equities. He anticipates a significant bull cycle in hard assets, including commodities, in the near future.
While AI models offer varying predictions for gold’s price trajectory, market dynamics are subject to sudden shifts based on internal and external influences. As such, conducting thorough research before making investment decisions is crucial in navigating the uncertainties of the market.
