Can Gold Really Hit $4,000 by 2026? BMO Thinks So
As markets reel from geopolitical shocks and portfolio chaos, gold is glittering again—BMO’s ETF head says this bull run is far from over.

Gold is surging again. And if you thought it was too late to jump in, think again.
BMO’s head of exchange-traded funds is sounding the alarm—not of caution, but of opportunity. Despite gold’s staggering rise to over US$3,300 an ounce in 2025, Bipan Rai is far from ready to write it off. In fact, he believes the yellow metal could be the portfolio lifeline investors are desperate for, especially as traditional asset strategies crumble under the weight of economic uncertainty.
The spike in gold prices—up more than 25 percent this year—has ignited a fresh wave of FOMO across global markets. And it’s not just retail investors who are piling in. Central banks are making record purchases, geopolitics are tilting dangerously toward conflict, and inflation is proving to be anything but transitory. Layer in growing doubts about the U.S. dollar’s dominance, and you’ve got the perfect storm for bullion.
Gold isn’t new to this role. For centuries, it’s been the financial world’s ultimate insurance policy. It generates no yield, pays no dividend, but in a world that feels increasingly unpredictable, its allure is undeniable. Gold doesn’t promise returns—it promises resilience. And right now, that’s what money managers are scrambling to buy.
