BofA Survey Shows Gold Most Undervalued Since March 2023
Fund managers believe gold is significantly undervalued for the first time in three years, as XAU bounces off $3,900 support.
A recent Bank of America (BofA) global fund manager survey revealed that gold is now considered the most undervalued asset in three years. The findings indicate a major shift in sentiment toward the precious metal, which has bounced off the $3,900 support level.
According to the survey, which was conducted in early April, a net 12% of fund managers view gold as undervalued, marking its cheapest perception since March 2023. This comes as XAU/USD tested the $3,900 region before rebounding, suggesting strong buyer interest at that level.
- Key support: $3,900 – gold rebounded from this level
- Resistance: $4,100 – next hurdle for the metal
- Survey: 12% net managers see gold undervalued
The survey also highlighted rising recession fears and tariff uncertainty as drivers for gold's appeal. While some analysts see the bottom forming, others caution that further volatility could test support again.
Gold prices have been volatile in 2025, with the metal trading in a broad range amid shifting macroeconomic expectations. The BofA survey adds a contrarian indicator to the mix.