Gold remained the asset class considered by investors to offer fairest value for the sixteenth quarter in a row, according to CFA UK’s valuations index for the first quarter of 2018.
The survey, which measures perceptions of the value of equities, bonds and gold and to which 209 CFA UK members responded, saw a 3.64 percentage point rise to 49.76% in the number of investors who thought the precious metal represented fair value, up from 46.12% in the last quarter of 2017.
Roughly equal numbers of respondents thought that the commodity was either over- or undervalued.
The survey also found that investor perception of developed market equity overvaluation has dropped from the previous quarter but the proportion of investors identifying government bond overvaluation has risen.
CFA UK chief executive Will Goodhart said: “Global financial markets are currently experiencing a period of instability, as factors like the imposition of tariffs by the US, potential interest rate rises and geopolitical uncertainties all disrupt the normal state of play.
“The vast majority of our respondents consider bonds and developed market equities to be overvalued and, out of the core five asset classes included in our survey, now see gold as a more attractive option.”
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