Chat GPT vs Gemini: Which Can Predict Gold Prices Better? 

The use cases of AI seem to be growing by the day and using tools like Chat GPT to make forecasts and predictions is becoming more and more commonplace. Of course they should not be taken as set in stone and should be used within a wider research context. One of the ways it has been used is to provide financial predictions across a variety of areas like stocks, interest rates and now gold and precious metals. 

Recent research from the precious metal investment platform BullionVault has put the two leading AI tools against each other in a fight to see which one can fare better when it comes to predicting gold and other precious metal prices for 2024. With record highs set for gold in 2024 so far, keep reading to find out which AI tool was ahead of the curve. 

Gemini made a bullish prediction in February 2024

Gold prices experienced a significant climb in March and early April and Gemini was ahead of the curve. In February 2024 when the data was gathered, the AI tool gave a forecast of $2,120 – $2,344 per oz of gold, before the surge in the price. At the end of the quarter the price sat towards the top end of the prediction, with Gemini beating Chat GPT which gave a far more cautious forecast. 

Why the increase in gold prices? 

The recent surge in gold prices can be attributed to a confluence of factors. One major driver is global uncertainty. Geopolitical tensions and potential economic bumps can make investors nervous. Gold, with its reputation as a safe haven asset, tends to attract more buyers during these times. Investors see it as a tangible store of value that holds its worth even when other assets experience fluctuations.

Another factor is inflation. When inflation rises, the value of paper currencies can erode. Gold, on the other hand, has historically maintained its purchasing power over time. This makes it an attractive hedge against inflation, leading investors to buy gold as a way to protect their wealth.

Finally, some analysts point to central bank activity as a reason for the rise in gold prices. Central banks around the world have been increasing their gold holdings in recent years, which can contribute to higher demand and ultimately, a higher price for the precious metal.

The above will have been taken into account by the AI tools when making their predictions, although do keep in mind they are not perfect, and it will be interesting to see how accurate they are towards the end of the year. 

This content is for informational purposes only and should not be taken as 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.

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