银河期货：黄金领衔贵金属价格企稳 铂钯震荡上行

Core Viewpoint - The nomination of Walsh as the new Federal Reserve Chair has raised hawkish expectations in the market, leading to a stronger dollar and short-term negative impacts on the pricing of base and precious metals [1] Group 1: Market Reactions - The market's hawkish sentiment is expected to negatively affect the pricing of base and precious metals in the short term [1] - Observations on U.S. Treasury bond fluctuations indicate that the macro narrative is unlikely to reverse in the short term, with precious metals showing more of a pullback after previous trends and risk release [1] Group 2: Supply and Demand Dynamics - The supply-demand balance for platinum is projected to be tight by 2026, while palladium is shifting from a decade-long supply deficit to a surplus [1] - From a fundamental perspective, platinum is expected to have a stronger upward drive compared to palladium [1] - Upcoming production guidance from platinum group metal mining companies for 2026 will be crucial to monitor for changes in supply [1]