Prediction of Potential Gold Prices using Machine Learning Approach

Abstract

In comparison to other forms of payment, gold has traditionally been used to facilitate trading transactions around the world. Various states retained their gold deposits and strengthened them and were known as rich and progressive states. Currently, precious metals such as gold are kept by the central banks of all nations to ensure the redemption of international loans, as well as to manage inflation. Besides, it also represents the country's financial resilience. Various multi- national corporations and entities have also invested in gold deposits, in addition to government departments. Gold is often offered as gifts/souvenirs in cultural activities in Asian countries and at weddings, gold ornaments are presented in India, Pakistan, and other countries as Dowry. In addition to the demand and availability of goods on the market, gold prices are also heavily affected by the success of the world's leading economies. Centered on 21 market factors using machine learning techniques, we predicted potential gold prices. The findings demonstrate that we can quite accurately forecast daily gold prices. For investors and central banks to determine when to invest in this asset, our forecast models would be useful.