10.02.2026 17:55
BNP Paribas noted that gold could rise to $6,000 by the end of the year due to strong purchases by central banks and the impact of global uncertainties, while pointing out the weakness in demand for silver.
BNP Paribas, one of the largest banks in Europe, has published a striking assessment regarding the gold market. David Wilson, Director of Commodity Strategy at BNP Paribas SA, stated that if the current global risk environment persists, gold prices could rise to $6,000 per ounce by the end of the year.
"GOLD PROVIDES A STRONGER RISK HEDGE"
David Wilson noted that the gold-silver ratio is on an upward trend, emphasizing that gold offers a stronger hedge against risk compared to silver. Wilson remarked, "Gold makes sense to me; silver does not provide the same type of risk protection."
CENTRAL BANK PURCHASES SUPPORT PRICES
Wilson pointed out that the outlook for gold is supported by central bank purchases and inflows into exchange-traded funds (ETFs), highlighting that official demand remains strong. Poland's announcement of a new gold purchase of 150 tons last month and the People's Bank of China's increase in gold reserves for the 15th consecutive time in January were among the indicators of this demand.
ETF INFLOWS ARE STABLE
It was stated that inflows into gold ETFs have generally remained stable, except for a brief correction last week. This situation was noted to support upward pressure on prices.
EMPHASIS ON WEAK DEMAND FOR SILVER
Touching on the silver market, Wilson mentioned that physical demand has weakened following the high volatility experienced in recent months. It was noted that the shift of silver supply towards Europe and Asia, along with the upcoming Chinese New Year holiday, could further limit demand for the white metal.
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