The gold price (XAU/USD) had surpassed the $2,400 threshold. However, the price has dropped below the level and is currently trading at $2,366 in the indices. Over the past few days, the precious metal has experienced an impressive surge, offering substantial returns to investors.
This upward trajectory is attributed to the weakening of the US dollar, driven by the Federal Reserve’s hawkish stance. Institutional investors are shifting from US treasuries to the commodities market, showing a significant inclination towards gold.
With gold anticipated to hit newer highs in 2024, let us dive into a price prediction for gold (XAU/USD) for June 2024 by an artificial intelligence (AI) platform.
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Gold Price Prediction (XAU/USD): June 2024
CoinPriceForecast, a machine-learning AI algorithm, has provided a positive outlook for gold prices (XAU/USD) for June 2024. The prediction suggests a bullish trend.
According to the forecast, gold will reach $2,392 on June 1. This projection implies a notable increase from the current price of $2,366. The gold price is also expected to touch $2,444 by June 15, according to the prediction.
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However, it’s crucial to acknowledge the inherent volatility of the commodities and gold markets, subject to shifts in global macroeconomic conditions.
The article emphasizes that while the AI-driven prediction anticipates a target of $2,444 for June, uncertainties such as geopolitical conflicts and numerous other factors could influence market dynamics and result in significant losses in the commodity markets.
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