UBS Slashes Gold, Silver Outlook

UBS AG

cut its spot gold and silver outlook. UBS slashed its 3-month average spot gold price by 7.1% to $1,950 a troy ounce and its 1-month average spot gold price by 9% to $1,775/oz. UBS also cut its 3-month average spot silver price by 30% to $35/oz and its 1-month average spot silver price by 30.4% to $32/oz. UBS shares dropped 2.36% to $11.16 in pre-market trading.