UPDATE 1-Global worries lead 30-year UK gilt yields to record low

(Updates prices)

By David Milliken

LONDON, Aug 7 (Reuters) - British 30-year government bonds led a slide in gilt yields to new record lows on Wednesday, joining a global rally in fixed income after weak German industrial data and the U.S.-China trade conflict boosted demand for safe haven assets.

Thirty-year gilt yields broke past a previous low of 1.186% that had held since August 2016, when the Bank of England launched its last round of bond purchases, dropping as much as 11 basis points on the day to bottom out at 1.081%.

"Looking forward, an increasing number of observers no longer expect the trade conflict to be resolved before the upcoming US elections in November 2020, and the risk of recession can only increase in such a situation," Italy's UniCredit wrote in a note to clients.

At 1452 GMT, the 30-year gilt yield stood at 1.12%, still down 7 basis points on the day and on track for its biggest daily decline in more than a month.

Ten-year gilt yields broke past a record low dating back to August 2016 on Monday, and hit a fresh record low of 0.432% on Wednesday, and were on track to close 5 basis points lower at 0.47%.

Twenty-year gilt yields fell below 1% for the first time on record.

For many British investors, even low-yielding government bonds are more attractive than sliding shares at a time when global risks as well as the chance of a disorderly Brexit on Oct. 31 shorten the odds of an economic downturn.

Data on Wednesday showed German industrial output fell a bigger-than-expected 1.5% in June, in a further sign that Europe's biggest economy contracted in the second quarter as exporters got caught up in the trade dispute between the United States and China..

For Britain's government, record-low yields lower the cost for new borrowing and refinancing existing debt. On Tuesday, investors accepted the lowest yield since 2016 at an auction of five-year government debt.

On Friday Britain will publish second-quarter gross domestic product data, which economists polled by Reuters predict will show that growth has ground to a halt.

The two-year/10-year gilt curve flattened by 6 basis points to just 2.5 basis points, taking it close to turning negative for the first time since the 2008 financial crisis. Some analysts view a negative yield curve as a harbinger of future recession, as it points to future BoE rate cuts.

Central banks in India, New Zealand and Thailand all cut interest rates more than expected in the past 24 hours. (Reporting by David Milliken; Editing by Alison Williams and Stephen Powell)