- The price of gold on May 22, 2024, was $2,424 per ounce, but it has since risen to $2,578 per ounce.
- Silver, which was $32.02 per ounce, has decreased slightly to $30.70 per ounce.
- With 51 days remaining until the U.S. election and an essential Federal Open Market Committee meeting looming, predictions for precious metal prices have become a focal point.
Discover the latest expert predictions on gold and silver prices as global economic uncertainties prevail. Don’t miss out on key insights from leading AI forecasts.
Recent Gold and Silver Price Movements
The latest figures show a significant increase in gold prices, which have grown from $2,424 to $2,578 per ounce since May 2024. This rise of approximately 6.4% over a short period underscores the commodity’s safe-haven appeal amidst financial instability.
Silver’s Recent Performance
Unlike gold, silver’s price has marginally declined from $32.02 to $30.70 per ounce. Despite this, silver has experienced a 22% increase over the past six months, driven by its use in various industrial applications and its perceived value as a store of wealth.
AI Predictions for Precious Metals by 2024 Year-End
In light of prevailing economic conditions, 11 different AI chatbots were consulted to forecast year-end prices for gold and silver. The bots included Google’s Gemini, Mistral AI’s Le Chat, and OpenAI’s ChatGPT 4, among others. Despite variations in algorithms and data sources, the forecasts displayed notable consistency in predicting modest price increases for both metals by December 31, 2024.
Gold Price Predictions
Across the board, the AI predictions for gold varied slightly but highlighted a general upward trajectory. Forecasts ranged from $2,700 to $2,800 per troy ounce, driven by ongoing geopolitical tensions, economic volatility, and gold’s traditional role as a hedge against inflation.
Silver Price Predictions
For silver, the predictions were equally measured, with forecasts generally between $32 and $35.50 per troy ounce. The dual role of silver as both a precious and industrial metal is seen as a key factor, with industrial demand providing robust underlying support.
Conclusion
In summary, both gold and silver are expected to see further gains by the end of 2024, with forecasts suggesting gold will reach between $2,700 and $2,800 per ounce and silver will rise to between $32 and $35.50 per ounce. This reflects a broader consensus on the persistent demand for these metals amid ongoing economic uncertainty, making them attractive investment options.
