- Gold completed April with its highest ever monthly closing price of approximately $2,300. The precious metal has been consistently breaking records throughout the month, making headlines in recent weeks. But what’s next for gold? We asked artificial intelligence for some insight.
- Experts, including Bloomberg’s Senior Commodity Strategist Mike McGlone, predict that gold has the potential to reach $3,000 due to increasing geopolitical fears, disappointing inflation data, and the widespread belief that recession has been postponed rather than prevented.
- Artificial intelligence predicts that by the end of May, gold will reach $2,450, a significant increase that will push it towards the year-end predicted value of $3,000. However, AI also sees a small possibility that the current decline in gold could deepen, and it could find itself at $2,150 within a month.
Gold reaches record highs and is predicted to continue its upward trend, according to experts and AI predictions. The precious metal could reach $3,000, driven by geopolitical fears and disappointing economic data.
Experts Predict Gold Could Reach $3,000
With the rise of geopolitical fears, the king of safe-haven commodities is rapidly increasing. Experts, including Bloomberg’s Senior Commodity Strategist Mike McGlone, predict that gold could reach $3,000. Many experts, including McGlone, believe that gold has a significant advantage over stocks and cryptocurrencies due to recent disappointing inflation data and the widespread belief that recession has been postponed rather than prevented. They conclude that gold will outperform many other assets in the long term.
AI Predicts Gold Price by End of May
Analysts and experts are quite optimistic about the potential performance of gold by the end of 2024. Similarly, AI also presents a positive outlook for the precious metal. According to the most likely scenario, gold will be well above its current price of $2,300. AI predicts that gold will reach $2,450 by the end of May, forecasting a significant increase that will push it towards the year-end predicted value of $3,000. However, AI also sees a small possibility that the current decline in gold could deepen, and it could find itself at $2,150 within a month.
Possible Significant Increase for Precious Metal in Coming Weeks
A rise to $2,450 within a month is quite ambitious. However, it’s not sensible to completely disregard a significant increase at this point. Indeed, gold has been on a strong upward trend recently, albeit with some fluctuations. Despite very few news as alarming as the possibility of a full-scale war between Israel and Iran in mid-April, the situation in the Middle East remains tense, and the situation in Europe is becoming increasingly tense with President Macron’s increasingly hawkish rhetoric.
Conclusion
Given the current geopolitical and economic climate, gold is expected to continue its upward trend. Experts and AI predictions suggest that the precious metal could reach $3,000, with a significant increase expected in the coming weeks. However, investors should also be aware of the small possibility of a deeper decline in the short term.
