UB

A UBS survey of 30 central banks shows that about 82% of reserve managers mentioned these risks. The risk of further escalation of military conflicts ranks second. The risk of an escalating trade war, which was listed as the top risk last year, dropped to sixth place this year. The survey found that market demand for gold and inflation-linked bonds remains strong. 29% of participants believe gold will be the best-performing asset class in the next five years, down from 67% in 2025.