Gold Price Prediction using Random Forest Algorithm

Gold price is one of the most important and influential factors for a nation’s economy or its stock market. This research work has carried out an extensive study to interpret the correlation between the gold price and a bunch of other parameters. The parameters that we have taken into consideration are Date, SPX, USO, SLV, EUR/USD, and GLD. Out of all of them, our target variable is the GLD which is the Gold price for the given date which depends on all other factors. SPX is short for the S&P 500, which is one of the most well-known stock market indexes. About 500 of the biggest corporations listed on the American stock market are included in it. USO represents the United States Oil price for the given date. SLV is the current price of silver on any given day. The abbreviation for the cross between the currencies of the European Union (EU) and the United States is the currency pair EUR/USD (USD). The currency pair displays the amount of US dollars (the quote currency) required to buy one euro. We have trained a Random Forest model to predict the Gold prices based on the value of SPX, USO, SLV, and EUR/USD.