At a media event in London this week, experts at Geneva-headquartered Swiss private bank Union Bancaire Privée outlined their investment outlook for 2026, highlighting opportunities in gold, in particular.

With gold prices at all time highs, Peter Kinsella, head of investment services UK at Union Bancaire Privée (UBP), said that the bank had increased its exposure to gold to 7 per cent.

He remains bullish on the precious metal in 2026. Gold is seen as a safe haven, especially with concerns over tariff-induced inflation, a slowing US economy, steepening developed market bond yield curves, and a weaker dollar. Gold’s rally to record highs has also been driven by structural demand led by central banks in emerging economies.

“Gold will play a bigger role in asset allocation decisions,” Kinsella said. A number of wealth managers share his views. Swiss private bank Lombard Odier, for instance, sees limited mining capacity pushing up gold prices in 2026, supporting their preference for the materials sector within equities. See more here.

UBP has also increased its exposure to mining recently, highlighting the high demand for commodities such as copper.

This rising demand also extends to silver and tin needed for artificial intelligence, tech and renewables. Silver, which is important for industrial demand for use in solar power and electronics, is easier to access than gold.

On fixed income and equities, Nicolas Laroche, global head of advisory and asset allocation at UBP, said they are underweight in bonds and investment grade credit; they increased their exposure to emerging market debt last year.

Laroche is positive on equities in 2026. He has retained his overweight position in US equities, although their valuations remain high by historical standards. He is slightly underweight/neutral in Europe and does not have much exposure to emerging markets. However, he did recently diversify into Chinese tech.

Other firms, for example Paris-based Indosuez Wealth Management are also positive on US equities and gold as they head into 2026, while a number believe that emerging markets will continue to outperform in 2026. See more here.