Another bank lowers its gold price. January 8th.Societe Generale...

Another bank lowers its gold price. January 8th.


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.