OCBC gold trades jump 60% after 28 February amidst Middle East conflict

First-time investors now make up 7% of the bank’s total precious metals base.

Gold transactions among OCBC customers increased 60% in the four weeks following 28 February compared with the four weeks prior, amidst the Middle East conflict.

The figure is also seven times higher than the same period a year ago, according to a press release.

Meanwhile, first-time investors now account for 7% of the bank’s total precious metals investor base.

Gold last traded at $6,813 (US$5,278) per ounce on 27 February, the day before US and Israeli strikes on Iran, before touching near $5,292 (US$4,100) intra-day on March 23. Prices closed around $5,680 (US$4,400).

The decline is attributed to macroeconomic factors, including higher oil prices, inflation concerns, fewer or delayed anticipated US Federal Reserve rate cuts, rising treasury yields, and a stronger US dollar.

However, the bank’s data showed investors are taking advantage of lower prices to build exposure.

“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,” said Germaine Tan, OCBC’s Head of Treasury Products and Equities.

“Price pullbacks can present attractive entry points to build exposure gradually,” Tan added.

$1 = US$0.77

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