Risk can be either transparent or non- transparent.
When we invest in equity shares directly or through mutual funds, accurate information regarding the trends can be easily available and monitored. In case of mutual funds, price movements get reflected in NAV.
Similarly for Gold, rates are easily available.
Though we see ups and downs, notional loss and gain, we find the above assets risky.
When we invest in fixed deposits and bonds there is no credible information available about notional loss due to inflationary factors.
Similarly with Real estate there is less transparency.
As there are no accurate numbers to gauge the notional loss, we find these assets non risky.