Daily Gold Market Report

Posted on October 26, 2023 by Jake Farlow

Metals Focus
AI Boom to Revive Precious Metals Demand Amid Economic Concerns

(USAGOLD – 10/26/2023) The gold price continues to remain range-bound this week, showing minimal fluctuations. Gold is trading at $1978.26 this morning, down $1.46. Silver is trading at $22.76, down 10 cents. The surge in Artificial Intelligence (AI) technologies, particularly driven by the popularity of generative AI like ChatGPT, is expected to bolster industrial demand for precious metals in the coming year, Metals Focus reports. Despite the short-term challenges posed by high interest rates and economic uncertainties, the demand for metals such as platinum, silver, and gold, integral in chip manufacturing and other AI hardware components, is predicted to rise.

“Demand will rise for platinum alloys used in chip manufacturing, silver-palladium Ag-Pd multi-layer ceramic capacitors (MLCCs) in high power components, gold bonding wire in chip and memory packages, gold plating in printed circuit boards and palladium plating on lead frames,” Metals Focus added.
NVIDIA Grace Hopper Superchip
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