GLD, the world’s largest gold ETF by assets, currently resides more than 6% below its 200-day moving average and nearly 11% below its 52-week high.

U.S. inflation is still low by historical levels, but at 2.9% U.S. headline inflation is at its highest level since 2012. This supports the notion that gold looks relatively cheap. Based on this relationship, gold is approximately 10% undervalued,” said BlackRock.

For more information on the gold market, visit our gold category.

Tom Lydon’s clients own shares of GLD.