AI analysis Gold’s value as gold bar hits $1 million for the first time

After the price of gold surpassed $2,500 per ounce for the first time in history, gold bars, which usually weigh around 400 ounces, hit a record $1 million valuation.

Since 2024, gold has gained 21.87% of its value, fueled chiefly by recession fears, turmoil in the Middle East, and other events that sparked investor concerns, making it rise to the closing price of $2,513.32 per ounce on August 21.

An ounce of gold 1-year price chart. Source: GoldPrice

Considering the recent record and ongoing events, Finbold utilized artificial intelligence (AI) to analyze this commodity‘s price movements further.

AIs offer different price ranges for gold by the end of 2024

As many factors are yet to be priced in, such as potential U.S. Federal Reserve’s interest rate cuts in September, OpenAI’s ChatGPT-4o factored in the steady economic policies, technical analysis, and geopolitical tensions to put the gold price in the $2,480 to $2,550 per ounce range.

ChatGPT gold price prediction. Source: Finbold and ChatGPT

Alphabet’s (NASDAQ: GOOGL) Gemini offered a slightly broader price range based on the same parameters used for prediction, setting the range at $2,450 to $2,650 per ounce.

Chatbot predicts elevated geopolitical tensions, inflation pressure, and economic uncertainty as the key drivers behind the rising gold price, which are expected to persist in the later months of 2024.

Gemini's gold price prediction. Source: Gemini and Finbold — Gemini’s gold price prediction. Source: Gemini and Finbold

Microsoft’s (NASDAQ: MSFT) Copilot has taken perhaps the most bullish stance regarding the most likely price range of gold by the end of the year. Taking into account factors such as inflation hedging and increased investment from traders, it set the range at between $2,400 and $2,700 per ounce.

Copilot's gold price prediction. Source: Copilot and Finbold — Copilot’s gold price prediction. Source: Copilot and Finbold

Taking identical factors into consideration due to their importance, different chatbots have come to somewhat similar price ranges that overlap, with different low and high points, indicating that they do not expect some notable fluctuations in gold prices in upcoming months.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: https://finbold.com/ai-analysis-golds-value-as-gold-bar-hits-1-million-for-the-first-time/