BNP Backs Gold to Hit $6,000 an Ounce as Rally ‘Makes Sense’

Yvonne Man

Tue, February 10, 2026 at 6:11 PM GMT+9 1 min read

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(Bloomberg) — Gold (GC=F) may climb to $6,000 an ounce by the end of the year and bullion’s ratio to silver is set to rise as macroeconomic and geopolitical risks persist, BNP Paribas SA’s David Wilson said.

The gold-silver ratio, while still lower than its two-year average in the '80s, has bounced back, said Wilson, BNP’s director of commodities strategy.

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“I think there is still room for further disconnect,” he said on Bloomberg Television. “Gold to me makes sense in a way that silver doesn’t provide the same sort of, let’s say, risk protection.”

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Gold’s outlook is also supported by continued central-bank buying, including Poland’s announcement last month to purchase another 150 tons after being the largest buyer last year. ETF inflows for bullion have also remained steady, with only a brief drop during last week’s correction before picking up, he added.

Many banks and asset managers, including Deutsche Bank AG and Goldman Sachs Group Inc., have backed bullion to recover due to these long-term demand drivers. Underscoring resilient official demand, the Chinese central bank also extended its gold buying to a 15th month in January.

Silver (SI=F), meanwhile, has seen extreme volatility in last few months, driven by strong physical buying particularly in Asia. However, the physical market is now showing signs of softening as metal supplies flow into Europe and Asia. The approaching Lunar New Year holiday is likely to further dampen demand in China for the white metal, according to Wilson.

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