Gold Price Prediction

The aim of this project is to forecast the price of gold as a time series.

The dataset provided contains the average price of gold on a monthly basis from 1950 till 2020. The column of gold price is measured as the price per ounce (Oz) in USD.

Prophet was used as it is a procedure for forecasting time series data based on an additive model where non-linear trends are fit with yearly, weekly, and daily seasonality, plus holiday effects. It works best with time series that have strong seasonal effects and several seasons of historical data. The forecasting was made for the year 2021 and an upward trend was predicted by golden-prophet.

Code can be found here.