Gold, Bitcoin and REITs: What investors should consider for their portfolios in 2026

SINGAPORE – Financial markets have had a volatile start to 2026, driven in part by heightened geopolitical tensions after the United States

captured Venezuelan President Nicolas Maduro

on Jan 3, and renewed headlines around US President Donald Trump’s interest in acquiring Greenland.

These developments mark a shift from 2025’s market concerns, which were largely on US tariff policy and fiscal debt, and their potential impact on global growth.

They also come as the US Federal Reserve is widely expected to continue lowering interest rates in 2026 after three cuts in 2025, though uncertainty remains over what the Fed’s next chairman, who is set to take over in May, will do.

In view of these changing circumstances, investors taking steps to protect and optimise their portfolios for 2026 should consider these three asset classes to help navigate volatility:

1. Gold for safety

Gold’s role as a safe haven asset in investor portfolios in 2026 is expected to grow further after prices rose to record levels in 2025.

Gold prices, now trading at around US$4,470 per ounce, are already up by around 3.5 per cent since the start of the year amid heightened geopolitical risk following Maduro’s capture.

“Mr Trump’s unprecedented actions in Venezuela have disrupted the world order even further and created more geopolitical uncertainties, which augur well for safe havens like gold,” said Mr Vasu Menon, managing director of investment strategy at OCBC.

While Venezuela on its own will not impact the global economic outlook meaningfully, what has happened there has led to questions about which other territories could be potential targets for Mr Trump. These

include Iran, Greenland, Colombia, Mexico and Cuba

.

“It’s unclear if Mr Trump will follow through with his rhetoric and if his bark is worse than his bite,” said Mr Menon.

Over the longer term, the US’ move on Venezuela could weaken the global system of shared rules that countries rely on, said Mr Bertram Lai, CGS International Securities’ head of research. “This could prompt China and other countries to speed up efforts to reduce their reliance on the US dollar, shifting more of their reserves into assets such as gold,” he said.

2. Bitcoin for the savvy

Bitcoin prices, which capped a year of gains in 2025 to close at around US$88,000, rose immediately after the US struck Venezuela, hitting levels above US$93,000 on Jan 6 before falling back to US$90,000 levels on Jan 9.

“What we’re seeing following the Venezuela developments is a market responding to geopolitical uncertainty with more selectivity,” said Ms Gracie Lin, chief executive of cryptocurrency exchange OKX Singapore.

“Gold has moved higher, in line with its traditional role as a hedge, equities have remained relatively resilient, and Bitcoin has held up alongside them. This reflects how investors are increasingly using crypto as part of a broader hedging toolkit in a more fragmented macro environment.”

While retail sentiment remains cautious, larger and more sophisticated investors are adding risk in a measured way, Ms Lin noted.

Capital flows into the US spot Bitcoin ETF have turned “strongly positive” at the start of 2026. BlackRock’s iShares Bitcoin Trust saw inflows of US$287.4 million (S$370 million) in a single day on Jan 2, representing the largest daily haul in nearly three months, according to data from crypto exchange Independent Reserve (IR).

That contributed to total net flows of US$471 million into US spot Bitcoin ETFs on the first trading day of the year, IR said.

For longer-term holders, Bitcoin’s appeal continues to rest on its scarcity, decentralisation and role as a digital store of value, Ms Lin said. “These attributes tend to support conviction during periods of uncertainty.”

3. REITs still in vogue

Funds have been flowing back into Singapore’s stock market, where the central bank has taken deliberate steps to revive liquidity and investor interest.

As the average value of securities traded daily rose 21 per cent in 2025 to nearly $1.5 billion – the highest level since 2010 – and with retail participation at a four-year high, investors can no longer afford to ignore the Singapore market, said Ms Carmen Lee, head of equity research at OCBC Group Research.

Singapore Exchange-listed real estate investment trusts (REITs) could continue to offer opportunity, with real estate transaction activity and yields expected to stabilise under lower interest rates in 2026.

Investment research firm Morningstar thinks Keppel REIT is undervalued for its high-quality office portfolio and “best in class tenant base”, and expects it to benefit from a tightening Singapore office market.

Morningstar also likes Mapletree Industrial Trust for the REIT’s data centre portfolio, and management efforts to optimise its industrial property holdings.

OCBC reckons gaining exposure to REITs with Singapore assets could be a prudent strategy, given the defensive nature of the sector, the resilience of local property values and favourable domestic funding conditions.

It prefers the retail-sector REITs, saying landlords are able to charge higher rents on lease renewals and keep most of their space fully occupied. Its top picks are CapitaLand Ascendas REIT and CapitaLand Integrated Commercial Trust, as well as Keppel DC REIT, Parkway Life REIT and OUE REIT.