Thursday , 22 February 2024

Grok AI’s Gold Price Prediction For 2024

Grok, an advanced artificial intelligence (AI) model created by xAI, an Elon Musk’s company, is a logical and unbiased algorithm provides valuable insights and below is what it predicts for the rice of gold in 2024.

This post is an edited and abridged version of the original article for the sake of clarity and brevity to provide the reader with a fast and easy read.

Likely Range 

Grok AI believes in a range between $2,100 and $2,400 per ounce.

“Based on the information provided by various sources, the most likely price range for gold at the end of 2024 is between $2,100 to $2,400 per ounce. Factors contributing to this range include the potential for a recession, the performance of the US dollar, and geopolitical tensions.”

– Grok, by xAI

Possible High

Grok was also asked for the maximum price Gold could trade in 2024 and, as a bullish case, the AI sees a yearly high of $2,800 per ounce for the world’s leading commodity.

“The maximum gold price prediction for 2024 is around $2,800 per ounce. This prediction is based on the potential for a strong recovery in the global economy, increased demand from central banks, and a weakening US dollar. However, this is a more optimistic prediction and may not be as likely as the price range mentioned in point A.”

– Grok, by xAI

Possible Low

On the other hand, it is possible that Gold trades as low as $1,800 per ounce. This would put the commodity below its current range, reflecting a bearish scenario for the precious metal.

“The minimum gold price prediction for 2024 is around $1,800 per ounce. This prediction is based on the possibility of a stronger US dollar, lower inflation, and a less severe recession. However, this is a more pessimistic prediction and may not be as likely as the price range mentioned in point A.”

– Grok, by xAI

Caveat

Grok AI is prone to mistakes, however, so investors must remain cautious…

Conclusion

Investing in Gold could offer an appealing risk-reward opportunity at this moment. Moreover, this investment has valuable properties of a solid economic hedge to consider.

 

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