AI Prediction for Silver Price on May 31, 2024: Scenarios and Forecast

AI Prediction for Silver Price on May 31, 2024

Unsurprisingly with April seeing it hit its highest ever end-of-month price, gold has been taking the bulk of the attention of hard commodity investors, though coffee and cocoa might have taken more attention when it comes to commodities more broadly. Silver has been no laggard in 2024 either.

The Rise of Silver in 2024

The world's second-biggest precious metal has seen a significant rise in value of 11.3% since the start of the year up to $26.49 at press time - its highest in over three years.

AI's Forecast for Silver

ChatGPT predicts a month of consolidation and stability for Silver by the end of May, possibly trading between $26.50 to $27.00 per ounce. However, there is also the likelihood of a rise to $30-$35, driven by geopolitical tensions and increased industrial demand.

Potential Outcomes for Silver

Various scenarios suggest Silver's performance could be influenced by global factors such as economic stability and market events, with the metal playing a pivotal role as both a safe-haven asset and an industrial material.

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