BNP Predicts Gold Could Reach $6,000 per Ounce, Saying the Surge Is Justified

Gold Prices Could Reach $6,000 Amid Ongoing Global Uncertainty

According to David Wilson, head of commodities strategy at BNP Paribas SA, gold prices may surge to as high as $6,000 per ounce by year’s end. He also anticipates that the gold-to-silver price ratio will continue to rise, driven by persistent economic and geopolitical challenges.

Wilson noted that although the gold-silver ratio remains below its two-year average in the 80s, it has recently rebounded. He explained on Bloomberg Television, “There’s still potential for further divergence. Gold, in my view, offers a level of risk protection that silver does not.”

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Wilson pointed out that gold’s positive outlook is further supported by ongoing purchases from central banks. For instance, Poland recently announced plans to acquire an additional 150 tons of gold after leading global purchases last year. Exchange-traded funds (ETFs) holding gold have also seen consistent inflows, with only a brief pause during a recent market correction before resuming growth.

Major financial institutions, including Deutsche Bank AG and Goldman Sachs Group Inc., remain optimistic about gold’s prospects, citing strong long-term demand. Notably, China’s central bank extended its gold buying streak to a 15th consecutive month in January, highlighting robust official demand.

In contrast, silver has experienced significant price swings in recent months, largely due to strong physical demand in Asia. However, Wilson observed that the physical silver market is beginning to cool as more supply moves into Europe and Asia. He added that the upcoming Lunar New Year holiday is likely to further reduce silver demand in China.

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Source: Bloomberg L.P., 2026