Singapore retail investors are increasingly turning to gold, according to eToro’s latest Retail Investor Beat survey. The survey, conducted in Q1 2026, highlights a shift in investment strategies as confidence in AI and tech stocks declines. Half of the surveyed investors now hold gold, up from 45% in the previous quarter, reflecting a growing preference for defensive assets amidst moderating expectations for AI stocks.
The survey, which included 1,000 Singapore-based retail investors, shows that gold now constitutes 17% of commodity portfolios, with 79% of these investors holding gold. Nearly one in four expect gold prices to rise by over 10% in the next six months, driven by its perceived role as a long-term store of value and protection against inflation. The weakening US dollar has also spurred interest, with 40% of investors adjusting their portfolios to include more gold.
Zavier Wong, Market Analyst at eToro, noted, “Lower rates reduce the incentive to hold yield-bearing assets, which historically shifts attention towards gold.” He added that the recent Middle East conflict and subsequent energy shock have reinforced gold’s appeal as a resilient asset.
Conversely, enthusiasm for AI and tech stocks is diminishing. Confidence in AI stocks delivering gains has dropped from 64% in Q3 2025 to 49% in Q1 2026. Similarly, optimism for the Magnificent 7 tech stocks has decreased to 41%. Wong remarked that the macroeconomic environment, including postponed rate cuts, has contributed to this shift in sentiment.
As the second quarter unfolds, investors will closely watch whether AI stocks can sustain their appeal without the support of favourable economic conditions.
