贺利氏预测：2026年上半年贵金属价格或下行

Core Viewpoint - The report by Heraeus Precious Metals predicts a downward trend in the prices of gold, silver, and platinum group metals in the first half of 2026, following previous price increases that pushed gold and silver to high levels and platinum group metals to record highs [1] Group 1: Price Trends - Gold and silver prices are expected to face downward pressure due to a potential loss of momentum after recent price increases [1] - Platinum group metals may experience significant downward pressure due to weak industrial demand, despite a currently tight market [1] Group 2: Market Influences - The precious metals market may be affected by slowing economic growth, geopolitical uncertainties, and ongoing transformations in the automotive industry, leading to increased price volatility in the first half of 2026 [1] - Strong central bank demand and favorable macroeconomic conditions are expected to provide solid support for gold prices [1] Group 3: Specific Metal Insights - Silver prices are anticipated to be more volatile due to industrial headwinds [1] - The palladium market is expected to continue facing oversupply as the market share of pure electric vehicles increases [1] - China remains a key factor in global demand trends, with the "14th Five-Year Plan" promoting green hydrogen and fuel cell technology, which may benefit the demand for ruthenium and iridium in the long term [1]