The gold price (XAU/USD) has surpassed the $2,030 threshold, currently at $2,026 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 March 2024 by an artificial intelligence (AI) platform.
Also read: Gold Prices Reach $2,030: Why Is the Precious Metal Rising?
Gold Price Prediction (XAU/USD): March 2024
CoinPriceForecast, a machine-learning AI algorithm, has provided a positive outlook for gold prices (XAU/USD) for March 2024. The prediction suggests a bullish trend.
According to the forecast, gold will reach $2,055 on March 1. This projection implies a notable increase from the current price of $2,031. The gold price is also expected to touch $2075 by March 15, according to the prediction.
Also read: After Applying to BRICS, Zimbabwe Aims To Back Currency With Gold
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 $2,075 for March, uncertainties such as geopolitical conflicts and numerous other factors could influence market dynamics and result in significant losses in the commodity markets.