Gold: The beginning of the end, $1600 by Q3 – OCBC

FXStreet Team FXStreet

Howie Lee, an economist at OCBC Bank, has been repeating the selling pressure on gold would only surface towards the end of the second quarter and the US NFP has triggered such a move. The $1600 level is the price expected for the yellow metal by the third quarter.

Read: Gold dives to fresh 1-month lows on stellar NFP report

Key quotes

“With almost three weeks left to the end of Q2, the exceptional US jobs report has sent gold tumbling below the $1700/oz level, closing at $1685/oz last Friday. Our bearish call on gold looks vindicated, even if it was previously contrarian to the general bullish gold views in the market.”

“We think prices might end at $1600/oz by Q3, although intensifying US-China tensions might provide support to falling prices.”

Author

FXStreet Team

FXStreet

EUR/USD ticks higher to near 1.1800 ahead of German inflation data

EUR/USD trades marginally higher to near 1.1800 in the European session on Friday, helped by renewed US Dollar weakness. Attention now turns toward the release of the preliminary inflation data for February from Germany and its major states during the day.

GBP/USD struggles near 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band near 1.3500 in European trading on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the Bank of England (BoE) easing expectations, acts as a headwind for the British Pound and the GBP/USD pair.

Gold sticks to positive bias as safe-haven demand persists; $5,200 holds the key for bulls

Gold trades with positive bias for the third straight day on Friday, with bulls still awaiting sustained strength and acceptance above the $5,200 mark before positioning for any further gains. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.