A survey conducted by central banks managing over $9.5 trillion in global reserves has revealed that concerns about geopolitical tensions have surged, with almost 70% ranking geopolitics as the top global risk. This has replaced last year's top worry of U.S. trade protection and marked a significant increase from 35% to 70%. The survey also revealed that inflation and interest rates remained the most important factors expected to affect reserve management, but only over half of central banks ranked them as their top issue, down from 76% in the previous year. Confidence in US bonds also dropped significantly, with only a third of respondents expecting US. bonds to outperform those of other Group of ⁠Seven economies and China. Nearly three-quarters reported holding gold in their reserves, up slightly from last year, while almost 40% said they were considering adding exposure.