"I'm expecting more to the upside for all these markets once this consolidation is over," he said. "Generally this will be a rally, as I see it, within an overall bear trend." Locke said he sees the period of May to July as one of "general stability, where the markets can continue to recover."
"Gold is performing okay. It does take its time when going through periods of consolidation," Locke said on "Squawk Box Europe."
Gold will enter a "recovery period" in May, he added.
The recent stability in the world financial markets will lead to further potential gains for gold, precious metals and mining stocks, Locke said.
He said oil, along with other commodities, should trade higher for the rest of the year and reach $60 or even $75 a barrel.