Only 3 percent of the 196 panelists, who run $559 billion of assets, now consider gold to be overvalued, compared to 20 percent as recently as December.
"China's weakening outlook is weighing on global emerging markets equities…but sentiment towards gold is also improving," the survey found.
"Many investors continue to see value in oil, 39 percent regard crude as undervalued, down slightly from January's reading," it added.
Read MoreGold gains ahead of Chinese New Year
Gold halted a three-day rally on Tuesday, falling almost 0.8 percent to $1,221 ahead of Chinese New Year on Friday, giving up gains it had accumulated in the last three sessions amid Greek uncertainty.
Although worries about Greece persist, asset managers remain optimistic on corporate Europe, with its profit outlook at its best since 2009, February's survey showed.
Investors have been adding to their positions in European stocks and trimming their allocation to U.S. equities, with only 6 percent of managers polled overweight on U.S. stocks -- down 18 percentage points on last month.
"Sentiment has gotten ahead of the fundamentals on European equities. It is as if there is not a single bear left. We will need to see a strong recovery very soon to keep the bulls happy," said Manish Kabra, European equity and quantitative strategist at BofA ML.