Learn how futures hedging works and how you can manage equity, currency and gold risks during volatile markets without selling your investments. What happened? The markets have been anything but predictable as we head into 2026. Volatility has picked up across many asset classes. US stocks have been on a remarkable run in 2025. But the S&P 500 and Nasdaq 100 saw pullbacks amid lingering concerns about AI spending and the ongoing impact of FOMC decisions on interest rates towards the year-end. Meanwhile, gold also experienced a pullback after a run-up where its price soared past US$4,400 per ounce. The US dollar has also faced more volatility in 2025. For Singapore investors that hold USD-denominated ETFs, or keep part of our portfolios in US dollars for diversification or yield, currency moves can impact returns. As an investor watching these developments, you might be feeling a familiar tension: your portfolio looks healthy on paper, but there's that nagging worry about what happens if the market turns....