Gold prices have shown a positive trend since 2024. CoinPriceForecast, an artificial intelligence model employing machine learning, predicts a significant increase in gold’s price in 2024.
As of press time, the price of gold has dropped from the $2050 level. According to the most recent data from Investing, gold is currently trading at $2,024, reflecting a drop in the past 24 hours.
Also read: What Will Gold Price Be at the End of 2024?
How high can gold prices go in 2024?
Furthermore, let’s explore the potential price range for gold in 2024. According to the AI system’s analysis, gold’s price could reach as high as $2,050 by mid-year and $2,240 by the end of 2024, representing an approximate 11% gain from its current level.
This forecast is based on bullish technical indicators that are emerging and have the potential to drive the price of this precious metal higher. It’s worth noting that while past performance does not guarantee future results, CoinPriceForecast’s machine learning algorithm has a commendable track record in predicting gold’s price fluctuations.
Nevertheless, it’s important to acknowledge that all predictive models entail a degree of uncertainty, especially when forecasting events 16 months ahead. Various unforeseen events, such as geopolitical conflicts or economic shocks, could potentially disrupt the upward trajectory of gold prices as we move through 2024.
Despite the Federal Reserve’s assertive tightening measures this year, concerns about a recession persist. In such an environment, safe-haven assets like gold continue to attract investors as they serve as effective portfolio diversifiers, especially if risk-averse sentiments dominate the markets in the coming year.