BNP backs gold to hit $6,000 an ounce by 2026-end

Gold bars

Gold 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 director of commodities strategy David Wilson said.

The gold-silver ratio, while still lower than its two-year average, has bounced back, Wilson told Bloomberg.

“Gold to me makes sense in a way that silver doesn’t provide the same sort of, let’s say, risk protection,” he added.

Wilson noted that flows into gold-backed exchange-traded funds (ETFs) remained stable, despite a slight dip during the recent correction. This supports expectations of rising prices as central banks increase their purchases of the precious metal.

He also predicted that the approaching Lunar New Year holiday in China—which runs from February 15th to 23rd—would contribute to a decline in demand for silver in the coming period.