BNP Paribas sees gold reaching 6,000 an ounce by end of 2026

Wilson, BNP’s director of commodities strategy, also expects the gold-silver ratio to rise. He noted that while the ratio remains below its two-year average in the 80s, it has rebounded and could diverge further. In remarks on Bloomberg Television, he argued that gold offers risk protection that silver does not.

Wilson pointed to continued official-sector buying as a key support. In January 2026, Poland announced plans to purchase another 150 tons of gold after being the largest buyer in 2025. He also cited data showing the Chinese central bank extended its gold-buying streak to a 15th month in January 2026. Wilson added that exchange-traded fund flows for bullion have remained steady, with only a brief dip during an early-February correction before picking up again.

Silver has been far more volatile in recent months, Wilson noted, with strong physical buying, particularly in Asia, driving sharp moves. He said the physical market is now showing signs of softening as supplies flow into Europe and Asia, and he flagged the Lunar New Year holiday as a potential headwind for near-term demand in China. Other banks and asset managers have also remained constructive on bullion, including Deutsche Bank and Goldman Sachs, citing longer-term demand drivers.

As GNcrypto wrote on 9 February 2026, gold traded back above $5,000 an ounce after last week’s sharp swings as a weaker U.S. dollar and shifting rate expectations renewed demand for bullion. The earlier report noted markets were pricing at least two 25-basis-point cuts in 2026 and that traders were watching upcoming U.S. jobs and inflation data, after the late-January surge and pullback left prices more sensitive to macro catalysts.