Bank of America's August survey shows that fund managers' bullish sentiment towards gold has increased, with a net 16% of respondents believing gold is undervalued. This figure is a significant increase from 6% in July and the highest level since March 2023. Gold prices have fallen significantly since hitting a high of $5,300 per ounce in January. Although there was a rebound in August, New York gold futures still fell 0.5% to $4,450.30 per ounce on Tuesday.