ChatGPT sets silver price target for end of 2024. Having analyzed the recent comings and goings of the commodity markets, ChatGPT quickly concluded that silver is likely to continue rising through the remaining five and a half months of 2024.

Therefore, the AI’s year-end price target for the precious metal stands at $35, and the platform explained that the current geopolitical instability, generally bullish market sentiment, overall market dynamics, and technical analysis all push it toward such a forecast.

Additionally, the demand for silver in the green technology sector is also increasing, particularly in the fields of solar energy and electric vehicles (EVs).

While demand has surged, supply has failed to keep pace. “Mining production has been affected by labour shortages and environmental regulations, leading to tighter supplies,” says Navneet Damani, group senior vice-president, head of commodities research, Motilal Oswal Financial Services. According to the Silver Institute’s estimates, 2024 is expected to be the fourth consecutive year of supply deficit.

Silver September Futures prices have declined for three consecutive sessions. The settlement price on July 19 was USD 29.299 per troy ounce, down 3.06% from the previous session.

Regarding the price of platinum on the commodity exchange, Platinum October Futures prices have also declined for three consecutive sessions. The settlement price on July 19 was USD 973.9 per troy ounce, down 1.23% from the previous session.

Copper September Futures prices have declined for five consecutive sessions. The settlement price on July 19 was USD 4.24 per pound, down 1% from the previous session.

Source: Business Standard, Finbold