Perplexity AI predicts Gold price based on analysts’ insights

Finbold turned to one of the most advanced artificial intelligence (AI) models, seeking insights into the future of gold. For that, we asked Perplexity AI for a gold price prediction based on recent analyses shared by trusted sources.

Interestingly, Perplexity Online is an AI tool and startup listed among ChatGPT’s five most feared competitors, according to OpenAI’s request. It can scan the web in real time when searching for answers, providing up-to-date insights on different topics.

Exploring its capacities, Finbold has already asked for price predictions on Nvidia (NASDAQ: NVDA) stock and Bitcoin (BTC). In another report, Perplexity listed the most popular investment assets for 2024, mentioning AI stocks, small caps, and emerging markets.

For this gold price prediction, Perplexity AI considered five publications from three sources: Fortune, CBS News, and Business Today.

Perplexity AI bullish Gold price prediction

Overall, Perplexity Online’s gathered data is very bullish on Gold and could not provide a bearish price prediction. When we asked for a bearish scenario, the AI considered the possibility of a price drop, still recommending a dollar-cost average strategy to mitigate risks.

“While there is a chance that gold prices could fall, experts caution that waiting for a drop could result in missing out on gains if prices continue to rise. The strategy of dollar-cost averaging is suggested to mitigate this risk.”

– Perplexity Online AI

From a bullish perspective, the AI sees gold trading between $2,600 and $3,000 by the end of 2024. Notably, JP Morgan’s targets a range between $2,500 and $3,000, similar to other analysts that consider a $3,000 “plausible” for the year-end.

Finbold reported some analysis eyeing the same psychological level, although ongoing developments could challenge its viability. Some analysts forecast a major correction for gold before seeking the $3,000 target.

Gold price analysis

As of this writing, on October 16, gold CFDs traded at $2,673.40 per ounce, up 30% year-to-date.

The leading commodity recently reached its all-time high at $2,685, with growing demand for the precious metal. In particular, the BRICS countries have been massively accumulating gold, raising concerns of an incoming crisis.

In a post in October, The Kobeissi Letter analysts believe gold markets are trying to tell an important story. 

“Gold markets are telling us something: Over the last 3 weeks, bond prices crashed and the US Dollar surged, both historically BEARISH signs for gold. Meanwhile, gold prices are trading 1% away from a new all time high and up +29% this year.”

– The Kobeissi Letter

All things considered, gold continues to be one of the favorite investment assets for diversification, risk mitigation, and patrimony protection. Perplexity Online AI’s consolidated results agree with the precious metal’s long-term benefits, even if the short-term is uncertain.