These forecast values are calculating by using some data analytic python algorithms without any human involvement. We use an open-source Python library named Facebook’s Prophet and AWS cloud computing services to do these time series forecasting calculations. This Python library helps us to get the forecast prices of gold by analyzing the past prices according to the time series. We collect the history prices from yahoo finance. Simply, this Python library analyzes the behavior of the history prices and gives a forecast of the behavior of future prices by using the decomposable time series model with three main components which are trend, seasonality, and holidays.

But the value of gold can be change due to many other reasons. It can be an introduction to new technology. It can be an intervene of a giant in today’s business world. It can be a major change of financial rules in the world. Any of these reasons can give a massive pushup to the value of gold. Also, we need to consider the downside. COVID-19 is the best example that happened in the recent past. At the beginning of the year 2020, there was a massive price drop happened not only in the prices of the metal market but also in the whole supply chain of the world. Likewise, any kind of disaster which can hit the world economy such as a massive storm, tsunami, earthquake, world war, or a new virus or a bacteria disease can crash the market to the bottom. Unfortunately, there is no way to include these factors in the calculations. Due to that, we advise you not to depend totally on these forecast values. This is only a mathematical calculation done according to the behavior of the past data. But please note that anything can be possible in the future.