Commodities are now UAE retail investors’ favourite asset class, eToro survey finds

Against a backdrop of geopolitical turmoil, commodities have now surpassed crypto as the most popular asset class among retail investors based in the UAE, according to the fifth edition of eToro’s UAE Retail Investor Beat.

The survey of 1,000 UAE retail investors points to a preference for gold and oil in particular, in anticipation of higher prices in the next six months.

Commodities become the top choice, surpassing crypto

Commodities have been a hot topic for a while now, especially in the UAE. The survey shows that 56% of local investors are now investing in commodities such as gold and oil, up from 47% in August 2025, the last time eToro conducted its survey. Among all asset classes, commodities recorded the highest jump in holders, whereas crypto, previously the most popular asset class, saw no change in its share of holders (54%).

Commodities are drawing particular interest from local investors amid the current geopolitical climate. Among the 80% of investors who have already adjusted or plan to adjust their portfolios in response to tensions in the Middle East, 56% are buying more precious metals and 43% are buying more energy commodities.

Energy, materials and renewables see stronger interest

Further to this, sector allocations linked to commodities have increased. 40% of investors are currently invested in the energy industry, up from 31% in August 2025. The materials industry also saw a jump from 22% to 27%, while renewables saw a rise from 21% to 25% over the same period. Renewables were named the sector that most investors plan to invest in within three months (41%), as recent volatility in oil and gas prices highlighted the importance of energy diversification. 

George Naddaf, Managing Director at eToro (MENA) commented: “UAE retail investors are showing they can read the room and quickly adjust their portfolios in response to evolving macro conditions. With ongoing geopolitical tensions, investors are actively looking for opportunities amidst the volatility in commodities and related sectors. This also aligns with the broader long-term shift towards real assets and exposure to the ‘old economy’ that we are seeing globally.

“Moreover, growing interest in renewables shows that retail investors are not only focused on the immediate picture. In the UAE, where non-oil sectors already contribute more than 70% of GDP, clean energy is part of a much bigger diversification story. Recent disruptions have shown us how exposed global markets can be to energy supply shocks, which is why energy diversification is increasingly being seen as both a strategic priority.”

Gold takes the gold 

Among those invested in commodities, nearly half (47%) allocate more than 20% of their portfolio to the asset class. Gold is the most widely held commodity with 88% of commodity investors holding the precious metal, followed by oil at 47%, silver at 41% and natural gas at 29%. Popular agro-commodities include coffee (11%), wheat, cocoa, and sugar (all at 7%).
The survey found that retail investors were largely split between two motivations for holding gold: its role as a long-term store of value, and the expectation that prices may continue to rise – each cited by 53% of respondents.

UAE investors expect oil and gold prices will rise 

The survey also shows investors’ bullishness about the top two most popular commodities. 92% of investors think oil prices will rise in the next 6 months, while 84% think gold prices will rise over the same period. 

Investors don’t just think prices will rise slightly – almost half (46%) think oil prices will surge more than 15%, while over half (57%) think gold prices will jump more than 10%. 

George Naddaf, Managing Director at eToro (MENA), commented: “Gold and oil have experienced notable volatility in recent months, largely influenced by ongoing developments in the Middle East. Both assets carry particular cultural and economic importance in the UAE. Despite recent price fluctuations, sentiment among local investors remains constructive over the coming six months, with attention on underlying factors such as continued central bank activity in gold and supply dynamics in the oil market.”