Gold has maintained its strong momentum in 2026, as investors increasingly favour safety and capital protection over pursuing higher-risk returns. Ongoing global uncertainty, geopolitical tensions, and worries about economic growth have continued to enhance the appeal of the yellow metal. Silver has also performed well, ranking as the second-best asset class this year. However, the broader gap in returns between gold and silver points to weaker expectations for industrial demand amid a more cautious economic backdrop.
The fixed-income segment has presented a mixed picture. Short-duration debt instruments have delivered modest gains, supported by their relative stability and lower volatility. Meanwhile, returns from 10-year government bonds have remained slightly negative, as rising yields and uncertainty surrounding the interest-rate outlook have weighed on performance.
Equity markets, regardless of market capitalisation, have faced a difficult period. Large-cap, mid-cap, and small-cap stocks have all recorded losses so far. Among them, large-cap shares have seen the steepest decline, largely due to valuation adjustments and continued selling by foreign investors.
