Gold Price Prediction for May 31 from Artificial Intelligence!

Gold finished April with its highest month-end price ever at around $2,300. Moreover, the yellow metal has almost consistently risen to record highs in April. Thanks to this, it has made many headlines in recent weeks. So what kind of route will it follow from now on? We asked the artificial intelligence to give it an idea.

Experts say gold has the potential to reach $3K

Indeed, with geopolitical fears on the rise, the king of safe-haven commodities is skyrocketing. Many experts, including Bloomberg's Senior Commodity Strategist Mike McGlone, predict that the precious metal will reach $3,000. Many experts, including McGlone, have concluded that gold has a significant advantage over stocks and cryptocurrencies and will outperform many other assets in the long run due to recent depressing inflation data and the widespread belief that a recession is postponed rather than prevented.

Artificial intelligence predicts the price of gold at the end of May

Analysts and experts are very optimistic about gold's likely performance until the end of 2024. Similarly, AI shows a positive result regarding the prospects of the precious metal. Still, according to the most likely scenario, gold is well above its price of $2,300 at the time of writing. ChatGPT predicts that the precious metal will reach $2,450 by the end of May. Thus, he predicts a significant rise that will advance gold towards its year-end forecast value of $3,000. Finally, AI also sees a small possibility that gold's current decline could deepen and find itself at the $2,150 level within a month.

A rise towards $2,450 within a month is quite ambitious. However, it also doesn't make sense to completely rule out a significant increase at the moment. As you can see from Kriptokoin.com, gold has indeed been rising strongly lately. However, it also faces some volatility. Although there is little news as alarming as the prospect of a full-scale war between Israel and Iran, which escalated in mid-April, the situation in the Middle East remains tense and the situation in Europe is exacerbated by President Macron's increasingly hawkish rhetoric.

Gold 1-month price chart. Source: TradingViewFollowing the gold price decline in the second half of April, Nicky Shiels, Head of Metal Strategy at MKS PAMP, stated that 'another piece of bad news for Gold (and Silver) bulls is not bad news' and that with the potential dangers ahead, the precious metal could indeed see a big increase in the coming weeks.

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