Recent entrants now make up 7% of its total precious metals investor base

Singapore, 30 March 2026 – Even as gold prices have fallen following the escalation of the Iran conflict, OCBC investors have moved decisively into the market. Comparing activity before and after the escalation of the Iran conflict, gold transactions among OCBC customers increased 60 per cent in the four weeks following 28 February versus the four weeks prior and is seven times higher than a year ago. Notably, this surge has brought in a wave of first-time participants, with recent entrants now making up 7 per cent of OCBC’s total precious metals investor base.

This pattern of investor behaviour stands in contrast to conventional expectations. Gold is typically seen as a haven during geopolitical stress, with prices rising as investors flee risk. This time, however, gold entered the conflict at elevated levels after a strong run up, prompting profit taking and liquidity-driven selling. Gold last traded at US$5,278 per ounce on 27 February, a day before the US and Israel launched strikes against Iran. In the weeks that followed, prices fell sharply, touching near US$4,100 intra-day on March 23, before closing at around US$4,400.

The pullback reflects macroeconomic pressures temporarily outweighing geopolitical demand. Higher oil prices have revived inflation concerns, markets have repriced towards fewer or delayed US Federal Reserve rate cuts, and rising Treasury yields alongside a firmer US dollar have added pressure on the price of gold.

Yet OCBC’s data suggests that investors are not turning away from gold and are, in fact, taking advantage of lower prices to build exposure, particularly those who had previously stayed on the sidelines when prices were stretched.

Through the OCBC app, customers can buy paper gold or silver in real-time from as little as 0.01 oz (0.31g). Introduced in 2021 and available 24/7, this feature offers a fully digital experience from account opening to trade execution.

Ms Germaine Tan, OCBC’s Head of Treasury Products and Equities, said: “It is not uncommon for gold to face short term selling during periods of stress as investors raise liquidity. What is notable this time is that despite the price correction, investor participation has increased, suggesting confidence in gold’s longer-term role as a portfolio hedge remains intact. Price pullbacks can present attractive entry points to build exposure gradually.”