Gold is most undervalued since March 2023

Bank of America’s July Global Fund Manager Survey suggests gold is viewed as unusually cheap, with less than 10% of investors calling it overvalued and a net 6% saying it is overvalued—the lowest reading in more than three years. The article frames this as supportive for gold sentiment because undervaluation perceptions can attract fresh demand from portfolio managers seeking hedges against inflation, geopolitical risk, or macro uncertainty. The embedded market data also shows gold spot rising 2.00% to 4,081.98, while silver gained 2.85%, reinforcing strength across precious metals. Overall, the piece points to a constructive outlook for gold, with positioning and investor perception indicating room for further upside if macro risks persist.