Can AI predict gold prices in 2024? – London Business News | Londonlovesbusiness.com

With inflation still high in many parts of the world and volatility present in the equities market, precious metal investing could be a potential way to steady the ship for those looking to their future, whether it be with an eye towards retirement or just a way of diversifying their portfolio.

Gold remains by far the most popular precious metal to invest in and data from Google Trends suggests that the general public has become more interested in it since the pandemic. 2024 has been a strong year for the precious metal with gold reaching record highs this year, but where will the price go?

For many, it’s the ultimate question; for others it’s an interesting discussion topic but nothing more than that. 2024 has not only been a bumper year for gold, AI tools and chatbots have also seen a continued increase in demand, in fact, many have started to use them to predict gold prices for 2024.

Data from BullionVault gathered on the 23rd of February 2024 has predicted a very strong year for gold, with both Gemini and Chat GPT offering strong forecasts. Interestingly the data was gathered before the bull-run we saw in the gold market in March-April 2024.

Gold has been the standout performer when it comes to the price predictions of Gemini and Chat GPT, BullionVault has also gathered data on other prominent precious metals (silver, platinum and palladium) which can be found on their website.

Gold prices remain strong despite a gradual decline since the large spike, but despite this many are still considering gold as an investment option for now and the future. The allocation of gold you have in your portfolio is one of the areas you need to look at when getting exposure.

When it comes to how much of your portfolio to invest in gold it depends on your risk tolerance and your long-term goals. But many looking to get some exposure start with 0-5% of the total worth to start their gold investing journey. However, you should always seek the advice of an experienced financial planner when making investment changes.

How can you invest in gold?

Whilst AI should not be used as a silver bullet when it comes to predicting where gold prices will go, historical performance does suggest that gold prices are a sound long-term option for those looking to add some diversification and stability to their portfolio.

One of the most cost effective ways to invest in gold is through companies like BullionVault who allow you to buy and trade through secure vaults without having to worry about storing it yourself. Always do your own research before deciding which route to take. You can trade through both the web-based platform and the BullionVault gold trading app.

This content is for informational purposes only and should not be considered financial advice. Always consult a professional before making any investment decisions. Remember that investing involves risks and is not suitable for everyone. Past performance is not indicative of future results.

The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any finance decisions. Appropriate independent advice should be obtained before making any such decision. London Loves Business bears no responsibility for any gains or losses.