Societe Generale lowered its forecast for the average price of gold and silver this year, citing the recent weakness in gold prices and a "lack of bullish triggers."
The bank cut its forecast for the average gold price by 5.6% to $1,700 a troy ounce from its previous forecast of $1,800/oz. It cut its forecast for the average silver price by 8.8% to $31/oz from $34/oz.
The yellow metal fell sharply last week, with spot prices touching $1,626.18/oz Friday, the lowest level since Aug. 20, as sentiment took a hit after the minutes of the Federal Open Market Committee's Dec. 11-12 meeting suggested that the era of easy money in the U.S. may be drawing to a close.
